Old Lyme, New London County, Connecticut Property Taxes

$774 avg. annual savings

No Upfront Costs

You only pay if we save

Property Taxes in Old Lyme, Connecticut

Median Old Lyme, Connecticut effective property tax rate: 2.44%, significantly higher than the national median of 1.02%, and lower than the Connecticut state median of 3.05%.
Median Old Lyme, Connecticut home value: $259,800
Median annual Old Lyme, Connecticut tax bill: $5,858, higher than the national median property tax bill of $2,400.

How are property taxes in New London calculated?

Property taxes in Old Lyme, Connecticut are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Old Lyme's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Old Lyme, knowing local tax details benefits homeowners and investors.

Last Updated April 13, 2026

Old Lyme, New London County, Connecticut Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.44%

Estimate Property Tax Bill

$6,339

$5,883

How Does the Old Lyme Property Tax Calculator Work?

Use this Old Lyme property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Old Lyme's median effective tax rate of 2.44% — based on actual property records in New London County — to generate your estimate.

Enter your property's estimated assessed value — the figure used to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies Old Lyme's median effective rate across all local levies, providing a more accurate estimate than applying a single county millage rate.

Your bill may vary by ZIP code within Old Lyme: rates range from 2.44% in 06371 to 2.44% in 06371, primarily due to differences in school district levies and local assessment districts.

For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Old Lyme.

About Old Lyme Property Taxes

About Property Taxes in Old Lyme, New London, Connecticut

Old Lyme’s median effective property tax rate of 2.44% is lower than the Connecticut state median of 3.05% and higher than the national median of 1.02%. This rate reflects the New London County base levy combined with local school district levies and special assessment districts that vary by subdivision throughout the city.

Property tax rates are not uniform across Old Lyme. Homeowners in the 06371 ZIP code carry a median effective rate of 2.44%, while those in the same ZIP code also pay 2.44%. This spread — 0 percentage points across the same city — reflects how school district boundaries and local assessment districts are drawn across New London County. Understanding which part of Old Lyme you live in can make a meaningful difference to your annual tax bill.

Old Lyme homeowners who believe their assessed value is too high can file a formal appeal with the Tax Assessor before the February 20, 2026 deadline each year.

If your estimated bill above seems higher than expected, Ownwell can review your assessment and protest on your behalf. You only pay if we save you money.

Property Tax Rates Across Old Lyme, New London County, Connecticut

As noted earlier, local government entities set tax rates, which can vary widely within a state.

Why? Because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate.

While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.

Below, you can compare Old Lyme's effective property tax rate to other cities in Connecticut and the median property tax rates in Connecticut and the U.S.

Property Tax Rates Across Old Lyme, New London County, Connecticut

Source: Ownwell

1.45%

2.62%

3.80%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Old Lyme Tax Rate

2.44%

Median Effective New London County Tax Rate

2.80%

Median Effective Connecticut Tax Rate

3.05%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Old Lyme, New London County, Connecticut

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
06371	1.45%	2.44%	2.44%	2.44%	2.44%

Source: Ownwell

Property Tax Assessment Values Across Old Lyme, New London County, Connecticut

When examining property taxes in Old Lyme, Connecticut, understanding the distinction between "market value" and "assessed value" is crucial.

The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The New London County appraisal district estimates the market value for tax purposes.

The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

Assessment notices:

In New London County, assessment notices are sent in the spring each year. They'll typically reach your mailbox by the middle of the month when notices are sent.

Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Old Lyme.

For example, the median home price in Old Lyme is $259,800, with tax bills ranging significantly across the county. 06371 has the highest median home price at $259,800.

Property Tax Assessment Values Across Old Lyme, New London County, Connecticut

Source: Ownwell

$128,800

$283,745

$438,690

Median Old Lyme Market Value

$259,800

Median New London County Market Value

$192,015

Median Connecticut Market Value

$209,000

Median United States Market Value

$235,294

Property Tax Assessment Values Across Old Lyme, New London County, Connecticut

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
06371	$159,430	$200,400	$259,800	$368,437	$568,099

Source: Ownwell

Property Tax Bills Across Old Lyme, New London County, Connecticut

Property tax bills in Old Lyme are calculated by applying the local tax rate to a home’s assessed value, which is based on the market value determined by the town. The assessed value is the amount used for taxation, and it can differ from what a homeowner might expect the property to sell for. For a home with a median home price of $259,800, the property tax bill reflects how that value is assessed and taxed within New London County.

Several factors affect the final bill, including the home’s location, its assessed value, and the local mill rate used by the town. Because property taxes are tied to value, homeowners with higher-valued homes generally pay more, while those with lower assessed values pay less. In Old Lyme, the median property tax bill is $5,858, which is well above the national median property tax bill of $2,400. That means property taxes can represent a significant ongoing cost for homeowners, especially when compared with the national median property tax rate of 1.02%.

Property Tax Bills Across Old Lyme, New London County, Connecticut

Source: Ownwell

$2,693

$7,133

$11,573

Median Old Lyme Tax Bill

$5,858

Median New London County Tax Bill

$5,354

Median Connecticut Tax Bill

$6,666

Median United States Tax Bill

$2,400

Property Tax Bills Across Old Lyme, New London County, Connecticut

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
06371	$3,605	$4,630	$5,858	$7,948	$11,589

Source: Ownwell

Don't miss the deadline to appeal!

Dates
Appeal Deadline	February 20

Links

Frequently Asked Property Tax Questions in Old Lyme, Connecticut

How are property taxes calculated in Old Lyme, Connecticut?

Property taxes in Old Lyme, Connecticut are calculated by multiplying your property's assessed value by the applicable tax rate set by local taxing authorities. The assessed value is determined by the county assessor and may differ from your property's market value depending on local assessment ratios and exemptions.

How do I appeal my property taxes in Old Lyme, Connecticut?

To appeal your property taxes in Old Lyme, Connecticut, you typically need to file a formal protest or appeal with your local appraisal district or assessor's office by the stated deadline. You'll need evidence such as comparable sales, a recent independent appraisal, or documentation of property condition issues. Ownwell can handle this entire process for you.

What property tax exemptions are available in Old Lyme, Connecticut?

Common property tax exemptions in Old Lyme, Connecticut include homestead exemptions for primary residences, senior citizen exemptions, veteran exemptions, and disability exemptions. Exemption amounts and eligibility requirements vary by county. Contact your local appraisal district or check Ownwell for details specific to your property.

When are property taxes due in Old Lyme, Connecticut?

Property tax deadlines in Old Lyme, Connecticut vary by county but typically include an assessment notice period in spring or early summer, followed by an appeal deadline, and a tax payment due date in the fall or winter. Check with your county assessor's office for specific dates in your area.

How can Ownwell help reduce my property taxes in Old Lyme, Connecticut?

Ownwell provides professional property tax appeal services in Old Lyme, Connecticut. Our team analyzes your assessment, gathers evidence, files all paperwork, and represents you at hearings — all with no upfront cost. You only pay a percentage of your savings if we successfully lower your tax bill.