What Are Property Taxes Like in Greenwich CT?
A clear explanation of Greenwich, Connecticut property taxes including the mill rate, assessment ratio, real-world examples, exemptions, and how Greenwich compares to surrounding towns.
How Greenwich Property Taxes Work
Greenwich is known for having one of the lowest property tax rates in Connecticut, which is one of the reasons it attracts buyers from across the tri-state area. Here's how the system works.
The Mill Rate
Greenwich's current mill rate is 11.880 mills (2024-2025 fiscal year). A "mill" equals $1 of tax per $1,000 of assessed value.
For comparison, neighboring Fairfield County towns often have mill rates of 20-30+ mills. Greenwich's low rate is supported by the town's enormous $14 billion+ grand list (total assessed property value), which generates sufficient tax revenue at a lower rate.
How Your Tax Bill Is Calculated
Property taxes in Greenwich are based on 70% of fair market value. Here's the formula:
Fair Market Value x 70% x Mill Rate = Annual Property Tax
Real-World Examples
| Home Value | Assessed Value (70%) | Annual Tax | |---|---|---| | $1,000,000 | $700,000 | ~$8,316 | | $1,500,000 | $1,050,000 | ~$12,474 | | $2,000,000 | $1,400,000 | ~$16,632 | | $3,000,000 | $2,100,000 | ~$24,948 | | $5,000,000 | $3,500,000 | ~$41,580 |
Revaluation Cycle
Greenwich conducts property revaluations every five years. The last full revaluation was completed in 2020. During a revaluation, the town reassesses all properties to reflect current market conditions, which can shift individual tax bills up or down even if the mill rate stays the same.
It's worth noting that between revaluations, your assessed value remains fixed. If the market rises significantly (as it has in recent years), your effective tax rate as a percentage of current market value actually decreases until the next revaluation.
Exemptions and Credits
Greenwich offers several property tax exemptions:
- Senior exemptions for qualifying residents
- Veteran exemptions for eligible military veterans
- Disability exemptions
- Various programs for qualifying income levels
Your real estate attorney or the Greenwich Assessor's Office can provide details on eligibility.
How Greenwich Compares
Greenwich's property tax burden is meaningfully lower than many surrounding communities. For a $2 million home, you'll typically pay less in Greenwich than you would in Stamford, Norwalk, Darien, or most Westchester County towns. This tax advantage is a significant factor for buyers comparing communities.
The combination of low taxes, well-funded schools, and strong property values makes Greenwich a compelling proposition in the New York metropolitan area for buyers.
If you have questions about how property taxes affect a specific purchase, I'm happy to run the numbers for you.
Martha Z Jeffrey | Sotheby's International Realty | (203) 964-7800 | marthazjeffrey.com
About the Author
Martha Z Jeffrey is a licensed real estate agent with Sotheby's International Realty in Greenwich, CT. With 40+ years of experience, she specializes in luxury homes, waterfront properties, and NYC-to-CT relocations. Visit her website or call (203) 964-7800.