Connecticut mortgage calculator

Property tax in Connecticut

The median Connecticut homeowner pays $6,643 a year in property tax on a home valued at $366,900, an effective rate of 1.8106% in the Census Bureau's American Community Survey (ACS 5-year 2020-2024). That ranks the third highest of the 50 states and DC, above the middle state's 0.8003%. At that rate each $100,000 of home value carries about $1,811 a year of tax, or $150.88 a month in the payment, and that rate is what the calculator above starts from.

Connecticut's planning regions sit fairly close together, so the state figure is a reasonable starting point. Among planning regions whose survey figures pass both quality checks, the effective rate runs from 1.4223% in Northeastern Connecticut Planning Region to 2.0219% in Greater Bridgeport Planning Region. On a $366,900 home that gap is worth about $2,200 a year. Pick a planning region in the calculator to use its rate, or type the rate from a listing or a current tax bill.

A high effective rate in Connecticut reflects what owners actually pay after exemptions and caps, so the rate in the calculator is the one that matters for a budget, not any rate printed in Connecticut law. Ask for the seller's latest bill and the assessed value too, since a new owner's assessment can differ from the long-held homes behind the median.

Connecticut property tax rates by planning region

All 9 planning regions, sorted from the highest effective rate to the lowest. The rate is the median tax paid divided by the median home value, from the ACS 5-year 2020-2024 survey (figures to December 31, 2024). None of them carries a quality flag, so the calculator uses the figure of whichever planning region you pick.

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Worked example: the median Connecticut home

The median owner-occupied home in Connecticut is valued at $366,900 (ACS 5-year 2020-2024). Put $73,380 down, enough to keep the loan at 80% of the price so no PMI is charged, and borrow the rest over 30 years at 7.4%, the Freddie Mac average for the week of October 15, 2026. Insurance is the calculator's default of $1,500 a year, the same figure on every state page and 4.6% of this payment; real premiums vary widely from state to state and with a home's exposure to wind, flood and wildfire, so replace it with a premium for the Connecticut home you are pricing.

Principal and interest dominate the bill; tax and insurance, usually collected through escrow, add $678.59 a month, 25.0% of the total. Over the full term the $293,520 loan costs $438,102 in interest.

With $36,690 down instead, the loan grows to $330,210 and PMI of $137.59 a month is added, for a first payment of $3,102.49. On the regular schedule the PMI stops after 10 years, with the payment in October 2036. A 15-year loan at the 6.71% average, with the larger down payment, raises the monthly figure to $3,269.47 but cuts the interest to $172,839.

What the median Connecticut wage can buy

The median annual wage in Connecticut is $59,690 (BLS wage survey, May 2025). Paid every two weeks as a single filer, that leaves about $3,962 a month after federal and Connecticut paycheck deductions. With $60,000 saved for a down payment and $400 a month of other debts, the home affordability calculator's default 28/36 rule gives this range at 7.4% and the Connecticut property tax rate:

Here the limit is total debt: the housing payment plus the other $400 a month reaches 36% of gross pay first. The target falls $167,540 short of the $366,900 median home value: the median home costs 6.1 times the median wage, so a typical Connecticut purchase usually needs a second income, a larger down payment or a cheaper area.

Living costs add to the squeeze: everyday prices in Connecticut, rent included, run 3.6% above the national average, by the Bureau of Economic Analysis price parities for 2024 (figures to December 31, 2024). That shrinks the median wage to about $57,610 in national dollars.