Buying or selling in Greenwich and wondering how property taxes play into your bottom line? You are not alone. Property taxes touch affordability, pricing, and even timing, especially in a high‑value market like Greenwich. In this guide, you will learn how taxes are calculated, what the current mill rate means, how the 2025 revaluation could affect you, and how to run quick numbers with confidence. Let’s dive in.
How Greenwich property taxes are set
Connecticut law requires that real property be assessed at 70 percent of fair market value as of the revaluation date. You can confirm this in the state’s property assessment statutes and guidance from the Office of Policy and Management. State law requires 70 percent of fair market value.
Greenwich compiles an annual “grand list” of assessed values as of October 1 each year. The Assessor’s Office follows the state framework for assessments, revaluations, and appeals. You can find process details on the Greenwich Assessor page.
The tax formula is simple:
- Assessed value = Market value × 70 percent
- Property tax = (Assessed value ÷ 1,000) × Mill rate
Using the current rate, a $3,000,000 market value equates to an assessed value of $2,100,000 and an estimated annual tax of about $25,286. The rate used in that example is the town’s 2025–26 mill rate. Greenwich set a 2025–26 mill rate of 12.041, a 2.8 percent increase over the prior year and still among the lowest for large Connecticut municipalities.
2025–26 mill rate and grand list snapshot
Greenwich’s grand list has set records in recent years, reflecting strong residential values. The town reported about $34.2 billion in 2022 and $36.4 billion in 2023. A larger grand list can support a lower mill rate, all else equal, while a smaller base can require a higher rate to fund the budget. See local reporting on the recent grand list growth for context.
Low mill rate, real bills: quick examples
A low mill rate does not always mean a small bill. In Greenwich, high market values translate into higher dollar taxes even with a relatively low rate. Here are quick estimates using the 12.041 mill rate and the 70 percent assessment rule. Numbers are rounded.
| Market price | Assessed value (70%) | Annual tax at 12.041 | Approx. monthly |
|---|---|---|---|
| $1,000,000 | $700,000 | $8,429 | $702 |
| $2,500,000 | $1,750,000 | $21,072 | $1,756 |
| $5,000,000 | $3,500,000 | $42,144 | $3,512 |
Mill rates are set each fiscal year, so use this as a guide, not a quote.
Pricing dynamics to expect in Greenwich
Typical home values in Greenwich sit in the low to mid $2 million range, with many sales above that level. In this environment, buyers focus on total carrying costs, and the annual property tax bill is a key line item.
- For luxury buyers, taxes are part of overall carrying costs. Inventory, privacy, proximity to shore or commuter routes, and tax predictability matter more than minor rate shifts.
- For mid‑market and entry segments, taxes can be decisive when mortgage rates and other costs stretch budgets. Small differences in taxes across nearby towns can change affordability.
- Sellers often price to net a target after closing costs while recognizing that buyers will factor in projected taxes. Clear tax information reduces friction and speeds decisions.
Revaluation 2025: what to know
Greenwich has begun the revaluation process for the October 1, 2025 grand list. Assessments from this revaluation will reflect market conditions as of October 1, 2025 and will appear on tax bills due in 2026–2027. The Assessor will provide informal hearing opportunities and formal appeal windows. Read the local notice about the 2025 revaluation timeline and hearings.
How revaluation can move the needle
A revaluation resets assessed values to current market levels. The town can adjust the mill rate, use fund balance, or phase increases. If assessed values rise faster than the mill rate drops, many owners will see higher bills. This is a common concern in revaluation years. Review the state’s explanation of revaluation mechanics in the OPM guidance and see how expectations can influence behavior in coverage of pricing tension during revaluation years.
Motor vehicle changes that affect the budget
As of the October 1, 2024 grand list, Connecticut now values motor vehicles using MSRP with a statutory depreciation schedule, then applies the 70 percent assessment. Municipalities may adopt a modified schedule to offset revenue changes. Greenwich adjusted its depreciation schedule to reduce revenue loss from this change. See the valuation rule in Connecticut General Statutes Section 12‑63. Vehicle assessments influence the grand list, which in turn can affect mill‑rate decisions.
Relief programs for eligible homeowners
If you are eligible, credits can lower your bill.
- State Circuit Breaker program. Connecticut offers a property tax credit for qualifying elderly or permanently disabled homeowners. Application windows typically run February 1 to May 15 through your local assessor. Review the state program overview and application details.
- Greenwich local senior relief. Greenwich administers additional senior property tax relief with local income limits and forms. Visit the Greenwich Credits & Benefits page for current instructions.
How to appeal an assessment
If you disagree with a new assessment, use the process and do not miss deadlines.
- Attend the informal hearing offered shortly after revaluation notices are mailed. Bring recent comparable sales and note any data errors.
- File a formal appeal with the Board of Assessment Appeals during the posted window. Dates are set by the Assessor and state law.
- If needed, pursue an appeal to Superior Court.
Start with the town’s Assessor resources for dates and forms on the Greenwich Assessor page, and see local reporting on the 2025 revaluation process.
Quick tax math for buyers and sellers
Use this three‑step method to estimate annual property taxes from a list or target price:
- Multiply market price by 0.70 to estimate assessed value.
- Divide by 1,000.
- Multiply by the current mill rate. For 2025–26, use 12.041.
Example: $3,000,000 × 0.70 = $2,100,000. Then $2,100,000 ÷ 1,000 = 2,100. Finally, 2,100 × 12.041 ≈ $25,286 per year, or about $2,107 per month. You can add this estimate to your mortgage, insurance, and HOA (if any) to understand total monthly carrying costs.
Ready to align your pricing and strategy with Greenwich’s tax landscape? Reach out to the Swift Petersen Team for clear guidance tailored to your goals.
FAQs
Will the 2025 Greenwich revaluation automatically raise my tax bill?
- Not necessarily. Revaluation updates assessed values, and the town can adjust the mill rate or use phasing. If assessed values rise more than any mill‑rate reduction, many owners may see higher bills, which is why budget choices matter. Review the state’s guidance on revaluation.
How do I estimate my Greenwich property taxes from a list price?
- Multiply the price by 70 percent, divide by 1,000, then multiply by 12.041 for 2025–26. For example, $3,000,000 equates to about $25,286 per year using the current rate reported in local budget coverage. See the 2025–26 mill rate update.
Where do I find Greenwich senior tax relief forms and deadlines?
- Check the Greenwich Credits & Benefits page for local forms and the state Circuit Breaker page for eligibility details. Filing typically runs February 1 to May 15.
What changed with Connecticut motor vehicle assessments and why does it matter?
- The state now uses MSRP with a statutory depreciation schedule, then applies the 70 percent assessment. Greenwich adopted a modified schedule to mitigate revenue loss. This influences the grand list and can affect mill‑rate decisions. See CGS 12‑63.
How do I appeal a Greenwich assessment if I think it is too high?
- Attend the informal hearing first, then file with the Board of Assessment Appeals during the posted window, and consider Superior Court if needed. Start with the Assessor’s revaluation and appeals updates.
