# Connecticut mortgages: property taxes, CHFA Time To Own and older homes

> Connecticut mortgage numbers: a 1.66% property tax rate, the seller’s conveyance tax, CHFA’s forgivable $25,000 Time To Own loan and foundation risks.

URL: https://mail.mortgage-math-us.com/location/connecticut/  
Last reviewed: 2026-10-29 · By the MortgageMath US Editorial team

## Quick answer

The median Connecticut home is worth $396,900, and with 10% down at the 7.24% national average rate it costs about **$3,324 a month** — $549 of it property tax, because Connecticut’s effective rate of 1.66% is the 3rd-highest in the country. Sellers, not buyers, normally pay the state and municipal conveyance tax. First-time buyers can borrow up to $25,000 through CHFA’s Time To Own program, forgiven over 10 years.

## Key facts

| Fact | Value | Source | As of |
|---|---|---|---|
| Effective property tax rate | 1.66% | [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25103?g=040XX00US09) | 2024 ACS 1-year |
| Median property tax bill | $6,573/yr | [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25103?g=040XX00US09) | 2024 ACS 1-year |
| Median home value in Connecticut | $396,900 | [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25077?g=040XX00US09) | 2024 ACS 1-year |
| Median year homes were built | 1967 | [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25035?g=040XX00US09) | 2024 ACS 1-year |
| CHFA Time To Own, up to | $25,000 | [Connecticut Housing Finance Authority: Time To Own](https://www.chfa.org/TimeToOwn) | Oct 26, 2026 |
| CHFA foundation repair loan, up to | $75,000 | [Connecticut Housing Finance Authority: Supplemental Collapsing Foundation Loan Program](https://www.chfa.org/homebuyers/supplemental-collapsing-foundations/) | Oct 29, 2026 |

## Property tax: the biggest line after the loan

Connecticut has no county government, so property tax is set town by town: each municipality applies its own mill rate to an assessment based on a share of market value. The statewide result is steep. Census data put the median bill at $6,573 a year — the 3rd-highest in the country — and the effective rate at 1.66% of value, against a national ratio of 0.89%.

On the median home that is $549 a month, about 17% of the total payment below. At the national ratio the same house would carry $294. Rates differ so much between neighboring towns that the tax bill can decide which town you can afford, so compare the current bill — not just the price — on every home you look at. The town assessor’s office and the latest tax statement are the best sources.

## What the median Connecticut home costs

> **Worked example: $396,900 home, 10% down, 30-year fixed at 7.24%**
>
> | Monthly cost | Amount |
> |---|---:|
> | Principal and interest on $357,210 | $2,434 |
> | Property tax at 1.66% | $549 |
> | Homeowners insurance (national average, $4.90 per $1,000) | $162 |
> | PMI (midpoint of Freddie Mac’s typical range) | $179 |
> | **Total** | **$3,324** |

At the median household income of $96,049, Freddie Mac’s 30% guideline allows $2,401 a month, which supports a price of about **$287,000** with 10% down — $109,900 less than the median home value. At the national tax ratio the same budget would stretch to about $310,000, which shows how much of Connecticut’s affordability question is really a tax question. Run your own numbers in the [mortgage payment calculator](https://mail.mortgage-math-us.com/tools/mortgage-payment-calculator/?price=397000&down=10&tax=1.66&state=CT) and the [affordability calculator](https://mail.mortgage-math-us.com/tools/affordability-calculator/?state=CT&income=96049).

## The conveyance tax sellers pay

Connecticut’s real estate conveyance tax has a state portion that rises with the price plus a municipal portion, and by law the seller pays it. Buyers still pay recording fees, title insurance, lender charges and prepaid taxes, which together typically run 2%–5% of the price ($7,938–$19,845 on the median home).

*State plus municipal conveyance tax, paid by the seller*

| Sale price | Conveyance tax | Share of price |
|---|---:|---:|
| $397,000 | $3,970 | 1.00% |
| $800,000 | $8,000 | 1.00% |
| $1,200,000 | $14,000 | 1.17% |

The effective share climbs at higher prices because the state rate steps up on the part of the price above $800,000. If you are selling one Connecticut home to buy another, budget for the tax on your sale; the [closing cost estimator](https://mail.mortgage-math-us.com/tools/closing-cost-calculator/?state=CT) shows both sides.

## CHFA Time To Own

The Connecticut Housing Finance Authority (CHFA) offers below-market first mortgages for first-time buyers and people who haven’t owned a home recently, through participating lenders. Its **Time To Own** program adds a forgivable down-payment loan:

- **Amount:** up to $25,000, at 0% with no monthly payment.
- **Forgiveness:** a tenth of the principal is forgiven on each closing anniversary, so the loan is gone after 10 years.
- **Who qualifies:** buyers who meet CHFA’s first-mortgage rules and Time To Own income limits; buyers who aren’t first-time can qualify in targeted areas, but you can’t own any other property at closing.
- **Funding:** CHFA reported money available for new reservations in late October 2026; check the current balance before you apply.

> **Worked example: Time To Own on the median home**
>
> An FHA loan on $396,900 needs $13,892 down at 3.5%; with low-end closing costs you need about $21,830. Time To Own could supply $21,830, covering the full amount. If you sold after 5 years, about $10,915 would still be unforgiven.

See how this stacks up against federal options in the [first-time buyer programs guide](https://mail.mortgage-math-us.com/first-time-buyers/programs/).

## Older homes and crumbling foundations

Half of Connecticut homes were built in 1967 or earlier — the 6th-oldest housing stock among the states and DC and about 14 years older than the national median of 1981. Older homes bring older roofs, systems and sometimes lead paint, so a thorough inspection matters more here.

One Connecticut-specific risk is a deteriorating concrete foundation, often linked to the mineral pyrrhotite and concentrated in the northeastern part of the state. The Connecticut Foundation Solutions Indemnity Company (CFSIC), a captive insurance company set up for the problem, helps qualifying owners pay to replace affected foundations, and CHFA’s Supplemental Collapsing Foundation Loan lends up to $75,000 for related repair costs once CFSIC has approved the owner. If you are buying an older home in an affected area, ask whether the foundation has been tested and make the purchase contingent on the results.

## Frequently asked questions

### What is the property tax rate in Connecticut?

Census data put Connecticut’s effective rate at 1.66% of home value, the 3rd-highest among the states and DC, with a median bill of $6,573 a year. Each town sets its own mill rate, so bills vary widely.

### Who pays the conveyance tax in Connecticut?

The seller. On the median-priced home the state and municipal conveyance tax comes to about $3,969. Buyers pay recording, title, lender and prepaid costs.

### Does Connecticut have first-time home buyer programs?

Yes. CHFA offers below-market first mortgages and the Time To Own program, a 0% forgivable loan of up to $25,000 that is fully forgiven after 10 years.

### Is CHFA Time To Own forgivable?

Yes. A tenth of the principal is forgiven on each anniversary of the closing, and the loan is fully forgiven after 10 years. There is no interest and no monthly payment.

### What help is there for crumbling foundations in Connecticut?

Owners approved by the Connecticut Foundation Solutions Indemnity Company (CFSIC) can get help replacing the foundation, and CHFA’s Supplemental Collapsing Foundation Loan lends up to $75,000 for related repair costs.

### How much house can I afford in Connecticut?

At the median household income of $96,049, keeping housing under 30% of income supports about $287,000 with 10% down at today’s average rate and Connecticut’s tax rate.

## Sources

- [Freddie Mac Primary Mortgage Market Survey](https://www.freddiemac.com/pmms) — 30-year fixed rate, national weekly average (Week of Oct 29, 2026)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25077?g=040XX00US09) — Median value of owner-occupied homes (2024 ACS 1-year)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B19013?g=040XX00US09) — Median household income (2024 ACS 1-year)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25103?g=040XX00US09) — Effective property tax rate (median taxes ÷ median home value); Median real estate taxes paid by homeowners (2024 ACS 1-year)
- [Freddie Mac Research](https://www.freddiemac.com/research/insight/homeowners-insurance-costs) — Average homeowners insurance premium per $1,000 of home value (2023 data)
- [Freddie Mac My Home](https://myhome.freddiemac.com/buying/breaking-down-pmi) — Typical PMI cost, low end; Typical PMI cost, high end (Oct 28, 2026)
- [Connecticut Housing Finance Authority: Time To Own](https://www.chfa.org/TimeToOwn) — CHFA Time To Own forgivable down payment assistance, up to; CHFA Time To Own: fully forgiven after (10% a year) (Oct 26, 2026)
- [CFPB](https://www.consumerfinance.gov/owning-a-home/prepare/figure-out-how-much-you-want-to-spend/) — Minimum FHA down payment; Typical closing costs, low end (share of purchase price); Typical closing costs, high end (share of purchase price) (Oct 28, 2026)
- [Freddie Mac My Home](https://myhome.freddiemac.com/blog/homebuying/how-much-can-you-afford) — Freddie Mac guidance: housing costs below this share of gross income (Jan 22, 2026)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25103?g=010XX00US) — Effective property tax rate (median taxes ÷ median home value) (2024 ACS 1-year)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25035?g=040XX00US09) — Median year homes were built (2024 ACS 1-year)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25035?g=010XX00US) — Median year homes were built (2024 ACS 1-year)
- [Connecticut Housing Finance Authority: Supplemental Collapsing Foundation Loan Program](https://www.chfa.org/homebuyers/supplemental-collapsing-foundations/) — CHFA Supplemental Collapsing Foundation Loan, up to (Oct 29, 2026)
- [CHFA: Time To Own](https://www.chfa.org/TimeToOwn)
- [CHFA: Supplemental Collapsing Foundation Loan Program](https://www.chfa.org/homebuyers/supplemental-collapsing-foundations/)
- [Connecticut Foundation Solutions Indemnity Company](https://crumblingfoundations.org)

_General information, not financial advice._