[JayCT]

Originally Posted by WouldLoveTo

I just looked up a 3 million dollar home in Nashville, right outside of Brentwood. Property taxes are 13K

In contrast I pulled up a house in Glastonbury. Zestimate is 776K. Taxes are almost 19K.

If Nashville doesn't count, give me another location to look up. Brentwood doesn't have tax data after 2007.

I also found a Nashville 5 mil at 34K and Glastonbury 5 mil at 45K

5 million in Southport is 99K in taxes

(for the one person here who seems to miss my point when I post - it's that TN still has lower taxes than CT)



We are so screwed. I'd like to keep my money too - I lose way too much to taxes these days.

If you can afford $3 million for a home, you won't care about a few thousand dollars in taxes. You care more about location. Jay

[WouldLoveTo]

Originally Posted by BobNJ1960

It is selfish of you (sar) to not want to give every last penny to the government.

After all, they are such fine stewards of the public trust They hit every budget projection accurately (sar).

Whip me!! I am horribly selfish and not likely to change before I pass on

Originally Posted by JayCT

If you can afford $3 million for a home, you won't care about a few thousand dollars in taxes. You care more about location. Jay

You know how rich people stay rich? By not wasting money.

We're talking 11K between Glastonbury and Nashville.

54K between Southport and Nashville. The people I know with money - every single one of them - care about every penny they have. And they can afford 3 million dollar homes.

[BobNJ1960]

Originally Posted by WouldLoveTo

Whip me!! I am horribly selfish and not likely to change before I pass on



You know how rich people stay rich? By not wasting money.

We're talking 11K between Glastonbury and Nashville.

54K between Southport and Nashville. The people I know with money - every single one of them - care about every penny they have. And they can afford 3 million dollar homes.

True. That is why many millionaires in the Northeast changed their official state of residence.

[East of the River]

Originally Posted by BobNJ1960

True. That is why many millionaires in the Northeast changed their official state of residence.

Yep noticing lots of FL Plates with CT dealer frame on it.

[beerisgood02]

Anyone who cares about a few extra hundred dollars a year in taxes either is living paycheck to paycheck or is very very cheap.

[Mike 75]

Originally Posted by beerisgood02

Anyone who cares about a few extra hundred dollars a year in taxes either is living paycheck to paycheck or is very very cheap.

I hear the "whats a few hundred in taxes" line quite a bit, yet no one seems to voluntarily pay more than they owe, whether it be on their income taxes or their property taxes.

[GeoffD]

Originally Posted by beerisgood02

Anyone who cares about a few extra hundred dollars a year in taxes either is living paycheck to paycheck or is very very cheap.

Sure, but it's not a few hundred bucks.

Let's pick Justin Timberlake. Lives on 125 acres in a rural town south of Nashville with Jessica Biel who also makes big money. No state income tax so they're dodging the 13.3% California state income tax bracket. Forbes has him at $57 million in income so combined, they're likely avoiding almost $10 million in state income taxes. County property tax mill rate is $21.50. The land was $4 million and is mostly in a land trust taxed at a much lower rate. The house he lives in is $2.8 million. He might be paying $60K in property taxes and avoids $10 million in state income tax.

[Scottamemnon]

Since a lot of people seem to think TN is in anvalid comparison because it has no NYC equivalent nearby.. I give you the comparison with Texas.

Also instead of looking at millionaires, how about some more normal numbers.

Lets Compare West Hartford, CT with The Woodlands, TX. Both are more or less luxury areas. The Woodlands is a master planned community outside of Houston(4th largest city in the US) about 40 miles north.

Lets take a family earning $120,000 a year and owning a house worth $300,000. They also own two cars with a current value of $25k each. This should be pretty typical for two professionals.

CT Taxes:
Income Tax.. they are in the 5.5% bracket = $6600
Property Tax... mill rate 41.04 = $12,312
Car Property Tax.. mill rate 32.00 based on 70% of value = $1120 total.
Total Taxes paid to CT = $20,112 or 16.76% of their income.

TX Taxes:
Income Tax = $0
Property Tax... 2.3% of home value after homestead exemptions = $6900
Car Property Tax = $0
Total Taxes paid to TX = $6,900 or 5.75% of their income.

If you think keeping 11% of their income.. or $1101 a month more is not a big deal, you need to come back down to earth.

Texas also has most of its school funding from local, property taxes, with the ISD's being able to set their tax rates. This is much easier to manage long term than relying on hand outs from the state.

Ammenity wise, the two towns do not compare.. the Woodlands is much nicer. Real life incomes in the Houston and Dallas markets have caught up with CT also.

Even just stepping over the border into Agawam, MA will save this family almost $7500 a year, and would put them not much farther away from work in CT. That is the problem CT faces.

[beerisgood02]

Originally Posted by Scottamemnon

Since a lot of people seem to think TN is in anvalid comparison because it has no NYC equivalent nearby.. I give you the comparison with Texas.

Also instead of looking at millionaires, how about some more normal numbers.

Lets Compare West Hartford, CT with The Woodlands, TX. Both are more or less luxury areas. The Woodlands is a master planned community outside of Houston(4th largest city in the US) about 40 miles north.

Lets take a family earning $120,000 a year and owning a house worth $300,000. They also own two cars with a current value of $25k each. This should be pretty typical for two professionals.

CT Taxes:
Income Tax.. they are in the 5.5% bracket = $6600
Property Tax... mill rate 41.04 = $12,312
Car Property Tax.. mill rate 32.00 based on 70% of value = $1120 total.
Total Taxes paid to CT = $20,112 or 16.76% of their income.

TX Taxes:
Income Tax = $0
Property Tax... 2.3% of home value after homestead exemptions = $6900
Car Property Tax = $0
Total Taxes paid to TX = $6,900 or 5.75% of their income.

If you think keeping 11% of their income.. or $1101 a month more is not a big deal, you need to come back down to earth.

Texas also has most of its school funding from local, property taxes, with the ISD's being able to set their tax rates. This is much easier to manage long term than relying on hand outs from the state.

Ammenity wise, the two towns do not compare.. the Woodlands is much nicer. Real life incomes in the Houston and Dallas markets have caught up with CT also.

Even just stepping over the border into Agawam, MA will save this family almost $7500 a year, and would put them not much farther away from work in CT. That is the problem CT faces.

Wesport's mill rate is like half that but I understand your point. However, schools in TX are horrible. I was recently in Austin and the amount of open land was shocking. You could go 100 miles and see nothing. Its literally a one horse town outside of the college area. So if you like seclusion, poor schools, and no family nearby, have a ball. Families in Lower FFC and those on my block who have kids would never leave for a few hundred dollars a year in extra tax. The schools, lifestyle and having family nearby is far too important.

[jxzz]

Originally Posted by Scottamemnon

Since a lot of people seem to think TN is in anvalid comparison because it has no NYC equivalent nearby.. I give you the comparison with Texas.

Also instead of looking at millionaires, how about some more normal numbers.

Lets Compare West Hartford, CT with The Woodlands, TX. Both are more or less luxury areas. The Woodlands is a master planned community outside of Houston(4th largest city in the US) about 40 miles north.

Lets take a family earning $120,000 a year and owning a house worth $300,000. They also own two cars with a current value of $25k each. This should be pretty typical for two professionals.

CT Taxes:
Income Tax.. they are in the 5.5% bracket = $6600
Property Tax... mill rate 41.04 = $12,312
Car Property Tax.. mill rate 32.00 based on 70% of value = $1120 total.
Total Taxes paid to CT = $20,112 or 16.76% of their income.

TX Taxes:
Income Tax = $0
Property Tax... 2.3% of home value after homestead exemptions = $6900
Car Property Tax = $0
Total Taxes paid to TX = $6,900 or 5.75% of their income.

If you think keeping 11% of their income.. or $1101 a month more is not a big deal, you need to come back down to earth.

Texas also has most of its school funding from local, property taxes, with the ISD's being able to set their tax rates. This is much easier to manage long term than relying on hand outs from the state.

Ammenity wise, the two towns do not compare.. the Woodlands is much nicer. Real life incomes in the Houston and Dallas markets have caught up with CT also.

Even just stepping over the border into Agawam, MA will save this family almost $7500 a year, and would put them not much farther away from work in CT. That is the problem CT faces.

Property tax in Hartford seems to be too high. Do not know exactly number, but in New Haven county with $300,000 home, most towns the property tax is about $4000 to $6000 a year. The key here is that mill rate is only on assessed value, which may be only $200,000 on a $300,000 worth of property.