Property taxes in the Town of Greenwich are ad valorum, or value add. The Assessor’s office determines market value each year as of October 1st and then calculates assessed value as 70% of market value.
By state law, every real estate property is revalued at least every five years. The most recent town revaluation was in 2015. Revaluations may occur within a year due to (a) new construction, (b) splits, (c) mergers, (d) demolition or (e) change in use. New construction includes ground up new construction, additions and extensive renovations. Depending on the degree of renovation, a new valuation may or may not be warranted at the time a certificate of occupancy is issued, as determined by the town appraiser. For more information visit the office of the Assessor and the Board of Assessment Appeals.
Consult your attorney and financial advisor for expert advice.
Taxes due are determined using a mill rate, or one thousandth of one percent of the assessed value. Mill rates are determined in May of each year. As of the date of this post, mill rates in 2019 were 11.369 for homes with septic fields and 12.018 for homes serves by public sewer. As an example, a home valued at $2,000,000 would have an assessed value of $1,400,000. If on sewer, the property taxes due would be $1,400,000 x .01218 = $16,825 / year. Waterfront properties incur an additional tax based on lineal feet of waterfront. Some properties may be subject to additional taxes based on their association or neighborhood to reflect additional services.
Real estate property taxes are billed July 1st (due August 1st) and January 1st (due February 1st) and can be viewed and paid online. Consult the office of the Tax Collector for more detailed information on real estate and other taxes.