06371 Property Tax Rate

Property owners in ZIP code 06371 (Old Lyme, Connecticut) pay a median of $6,504/year in property taxes on homes valued at $468,200. This translates to an effective tax rate of 1.39%, which is 22% below the Connecticut state average of 1.78%.

The monthly property tax burden for a median-valued home in 06371 is approximately $542, which factors into escrow payments on mortgages. This ZIP code is located within New London County.

Compared to similar ZIP codes in Connecticut, 06371 has higher property taxes. ZIP codes with similar effective rates include 06850 (1.38%) and 06612 (1.38%).

In Old Lyme, property taxes represent approximately 5.1% of the median household income of $127,429, providing context for the relative tax burden on homeowners in this area.

Connecticut has no statewide property tax cap; New London County reassesses properties at market value on regular cycles or upon sale, so expect your tax bill to reflect current market conditions. Apply for the Homestead Exemption through your town assessor's office immediately after closing—this exemption is available in New London municipalities and can reduce your assessed value by a set amount. Confirm your property's revaluation date with the assessor and note the appeal filing deadline (typically 45 days after receiving a revaluation notice).