The short answer on Farmington CT property taxes
Farmington's mill rate of approximately 27.36 is the lowest among the five core Farmington Valley markets. On a 700,000 dollar home assessed at 70 percent of fair market value, the annual tax bill is approximately 13,205 dollars — roughly 3,500 to 5,000 dollars less per year than an equivalent home in Avon, and 2,000 to 3,000 dollars less than Simsbury. For buyers who are comparing Farmington against more expensive Valley towns, the tax differential is a material carrying cost advantage that compounds meaningfully over a standard holding period.
How Connecticut Property Taxes Work
Connecticut municipalities assess property at a set percentage of fair market value. In Farmington, the assessment ratio is 70 percent. The assessed value is then multiplied by the mill rate and divided by 1,000 to produce the annual tax. One mill equals one dollar per 1,000 dollars of assessed value.
Formula: Sale Price × 0.70 = Assessed Value. Assessed Value × 27.36 ÷ 1,000 = Annual Tax. A 650,000 dollar home in Farmington has an assessed value of 455,000 dollars. At 27.36 mills that produces an annual tax of approximately 12,449 dollars.
Estimated Annual Property Taxes in Farmington at Common Price Points
What the Savings Look Like Against Other Valley Towns
The cumulative ten-year savings against Avon on a 700,000 dollar home exceeds 24,000 dollars in property tax alone, before accounting for the additional savings from Farmington's lower median price. For buyers who qualify for both markets and are genuinely undecided, the financial picture strongly favors Farmington when tax and price are both in the calculation.