Property taxes sit close to nearby towns'
According to a recent data set compiled by The Bulletin staff, the average homeowner in Wilton can expect to pay about the same amount in property taxes as the average homeowner in most surrounding towns.
The data, drawn from Trulia.com and the state of Connecticut, intends to provide an approximated look at the tax payment expected to be made by the owner of a median-priced home in Fairfield County.
As tax assessments are made at 70% of the market value of a home, The Bulletin used 70% of each town’s five-year median sales price to approximate its median home’s assessment value. In Wilton, for instance, the median assessment value was estimated at $592,900. In Westport, the median assessment value was $924,000.
The mill rate for each town was then used to determine the tax payment that would be expected if a resident owned a home of the same value.
According to this study, Wilton’s expected tax burden compared well to other towns in Fairfield County. With an expected tax payment of $15,403, it rested just below such towns as New Canaan and Weston, where the expected payment bordered on $17,000.
In the town of Darien, however, the expected taxes owed were about $5,000 lower than in Wilton.
Mitchell W. Hedstrom, president of Ziggley LLC, a real estate information company based in Greenwich, reviewed the data on Friday, Oct. 11, and told The Bulletin,“I would agree with your statement that ‘the average homeowner in Wilton can expect to pay about the same amount in property taxes as the average homeowner in most surrounding towns.’”
He also said his company uses a similar process to determine whether homeowners in a particular neighboring town are paying more, or less, in property taxes.
Ziggley’s formula, called Property Tax Ratio, is determined by the ratio of property taxes in a town divided by the home price.
“This ratio enables someone to look at how much higher the property taxes would be for a similarly priced home in two or more towns,” he said.
Using the data provided by The Bulletin, Mr. Hedstrom noted Bethel would have the highest property tax ratio in the sample, while Greenwich would have the lowest.
Wilton, he said, “would be one of the towns in the middle.”
For more tax rate information by Ziggley, visit Ziggley.com, and click on the “municipalities” page.