Sunset
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What is your mill rate for real property tax?
Ours here in Connecticut vary by which of our 169 towns or cities you live in. They range from 11 to 74. (1.1% to 7.4% of assessed value.) Assessed value is supposed to be 70% of market value at the time of the last reassessment (required by law every 5 years). So we pay from 0.77% to 5.2% of market value every year. The lowest mill rates are in the wealthy rural towns that have no municipal services (no fire department, no police department, regional school districts) and high property values. The highest mill rates are in the large, poor cities with low property values.
I pay about 1.9% of market value every year in my generally middle class city of 50k people. It just so happens that our reassessment was last October, so that value is used for this year's taxes and the next four, regardless of what the housing market does in the interim. The mill rate will change yearly depending on the City budget.
So, yes, you could have zero income tax if you retire here, but you'll still pay property tax if you own a house, although you could choose where to live in order to minimize that. There are also credits against your property tax if you are low income (<$45,800 AGI for MFJ) and over 65.
Ours vary by where a person lives in the State as well. Based on a tax bill from a couple of years ago, our rate is 3.6% of the market value of the property.
They do all this funny math to get an assessed value for taxes, then "equalize" it, then charge a local tax rate of 11.149% .
But the bottom line is it's 3.6% of market value, it get reassessed every 3 yrs with a new market value. The market value is pretty close to the selling price when it comes out.