[CT Bound]

My husband recently received a promotion to relocate from Los Angeles to New York. We've only lived in Southern California, but look forward to living on the east coast. My husband has not responded to the offer yet. It is for $40,000 more (with nearly half going to taxes of course). If he accepts, I want to live in Fairfield County - in a nice area similiar to where we live now in Santa Monica. I have been researching CT costs to use in a counter offer for the company and this is what I've come up with using Stamford's mil rates to calculate. These numbers represent additional costs we would incur by moving to CT. Am I missing anything? Please correct me if my numbers are too high.

1. $3600/year for $300 monthly train pass to NYC.

2. $3600/year for $300 private parking space close to train station since there are no parking permits available and wait lists are 2-3 years long.

3. $3000/year more for heating and cooling costs at $250/month (we don't currently use any air conditioning and have the heat on one month in the winter). Based on 4,000 square foot home.

4. $10,000/year just for NYC personal income tax on salary in high $200's. This does not include the CT income tax we will also need to pay.

5. $2500/year for car tax on two 2007 cars both over $50,000 each.

6. $20,000/year additonal for property taxes on $1,000,000 assessed home (California is 1% of assessed value)

7. No tax deductions for property taxes as in California (Is the loan interest tax deductible?)

8. $5000 more for hazard insurance (global warming and risk of hurricanes on the east coast have increased east coast premiums). Hazard Insurance is $700 on home here.

9. Higher closing costs. Conveyance tax on $1,000,000 assessed value home is $6,000. Higher Title Insurance, addition of mortgage tax (does not exist in California).

Thank you very much for any and all replies!

[wanderintonc]

I don't know anyone who pays $5000 for homeowners insurance in CT! It's more like $500. Homeowners is ONE thing that is cheaper here in CT than in a lot of other places.

[skytrekker]

I think the homeowners is way too high also.
You may pay $500-$1,000 a year.. Of course if you buy an estate right on the beach you will pay more- but a mile inland or so- it will be on the low end.

Despite a changing climate here- and perhaps an increased threat from tropical cyclones, and coastal flooding- we have at least to this point suffered no huge storms.

Air conditioning is needed here generally from June through September- but not all the time- on average in mid summer 3-4 out of 10 days.
Heating costs will vary from winter to winter; and costs will be predicated on the type of heat and the current costs. Also the age and insulation of your home.

Actually electricity costs here are nearly as high as California currently.

[JayCT]

In addition to questioning the insurance costs, I am not sure that your property taxes would be $20,000 more per year even on a $1 million home. Check some real estate listings and see what taxes run for a house in a town you would be interested in. Jay

[marijka]

In my modest house (1530 s. ft.) with only 2 adults, our oil and electricity bill is $340 a month. We keep our heat at 68 and our AC at 70. I think you've underestimated your utility costs.

[Rich Lee]

Originally Posted by marijka

In my modest house (1530 s. ft.) with only 2 adults, our oil and electricity bill is $340 a month. We keep our heat at 68 and our AC at 70. I think you've underestimated your utility costs.

I agree. I received my electric bill yesterday for my 2900 sq. ft. house; it was $518.98. There are two adults, one cat, and five dogs.

[new to CT]

You have a bunch of overstated amounts by my estimation:


4) If you Pay NY state tax then you get to use that as a credit on your CT state tax, you do not pay state income tax in two states!

5) $2500 tax on two cars even at over $50,000 each seems high

6) $20,000 property tax on a $1,000,000 home in Stamford?? Not eve close check that out again!!

7) What do you mean no tax exemption on property tax like in California, you are talking about the exemption on the Federal taxes, Califorinia and CT are in the same country (I know people from CA would disagree) same federal tax rules apply.

8) $5000 homeowners insurance in CT on $700 in CA. Way wrong unless you have beach front property and wan't full flood coverage the policy would not be $5000.

[mels]

Originally Posted by Rich Lee

I agree. I received my electric bill yesterday for my 2900 sq. ft. house; it was $518.98. There are two adults, one cat, and five dogs.

Holy crap. I pay about $80 a month for electric (1800 SF house) and that includes me having a well pump. That is for two adults and a couple animals. Not that the dog turns the lights on and off. I don't have (and don't want) central A/C which makes some difference.

[NY2CT]

If you work in NYC, but live outside of New York state, you're exempt from the NYC tax.

Your estimates for property tax seem very high.

[westender]

My CT homeowner's insurance is 2500/ year, nowhere near the coast. Sale price was ca. 800,000. Property tax will be around 15,000/ year after reassessment (this can vary greatly dependent upon the town).

Heat is around 500/ month. Electric is 400/ month summer, 200/ month winter. This is for 5000 sq. ft.

BTW, I think the OP was factoring in NY _City_ income tax, not NY State income tax, which is offset against CT State income tax.

I think the list may actually be low, rather than high, on the increased costs of Fairfield County residence/ NYC job.