[GeoffD]

Originally Posted by Mr_250

Cheap? I maybe if you have $500k to spend. We are looking in the modest $250 to $275 range and there is nothing other than ranches or raised ranches or homes that need $20k worth of work. The taxes are the biggest thing that is really regressive.

Yeah, but that modest $250k home is in a town with a $40 per thousand mil rate so it has a $10,000 property tax bill. With the state pushing teacher unfunded pension liability down to the affluent towns, that gigantic mil rate is only going higher. You have to do the math on housing affordability considering property taxes.

There also aren't many tech jobs for development engineers. There's meatball IT work for the Indian kids who work cheap.

[Forevermetal02]

Hey all, thanks again for the information that's continuously been added to this thread. I did take the opportunity the other weekend to visit Hartford and it's surrounding suburbs and my wife I and really enjoyed the time in the area. We're thinking of making the move this coming summer.

That being said I have tried to educate myself more on these Connecticut taxes and what they would do to my home buying power. I would be a first-time home buyer too so that only makes it harder for me to understand. I know where I live now in Florida the average tax rate is about 1.06, therefore a house assessed at $250K would have a tax bill of $2650 annually.

Connecticut with the up and down mill rates I've seen seems like I definitely need to be careful where I buy. The same $250K assessed home in Hartford itself with it's 72 mills would work out to $18,000 a year or 7.2%, ouch! Is that the correct math there? Not that I would want to live right in Hartford anyway.

Now a place like Windsor Locks with 26 mills, the $250K house would be $6,500 or 2.6%. Is all this math I'm doing on the three above correct? Or am I missing something?

I just wanted to understand this system better so I can make an informed decision on where to live in CT and also, plan for that bump with I'm negotiating salary (to be fair in all this, my profession's average salary is significantly higher in CT than FL). I'm also aware of the vehicle tax, but not too worried about that one. Is there anything else I'm missing here, and do could I expect more on my yearly tax returns at least for all this taxing.

Please forgive my naivety, again I'm a young professional and am would be making my first home purchase. Thanks!

[ayoskillz]

Originally Posted by Forevermetal02

I just wanted to understand this system better so I can make an informed decision on where to live in CT and also, plan for that bump with I'm negotiating salary (to be fair in all this, my profession's average salary is significantly higher in CT than FL). I'm also aware of the vehicle tax, but not too worried about that one. Is there anything else I'm missing here, and do could I expect more on my yearly tax returns at least for all this taxing.

I hope that bump is atleast 10k or more because of it isnt then its a possibility you would be doing worse here than fl bexause of the different taxes ect. Also I would be worried about the car tax especially if you have a newer car

[hvexpatinct]

If you are used to paying FL car insurance rates I don't think the car tax will be all that scary. Insurance is much less expensive here

I have no idea how it is done in FL but in CT the assessment is roughly 70% of market value. So a $250-$300k house is likely assessed in the low to mid $200s with a corresponding tax payment.

[Forevermetal02]

Originally Posted by hvexpatinct

If you are used to paying FL car insurance rates I don't think the car tax will be all that scary. Insurance is much less expensive here

Hadn't considered that, but one thing this made me remember is there are no tolls to get around Hartford. I live in Orlando currently and any road that gets you anywhere fast is a toll. My wife and collectively spend $180-200 every month on tolls. So that would free up.

[Matrix2791]

Originally Posted by Forevermetal02

Hadn't considered that, but one thing this made me remember is there are no tolls to get around Hartford. I live in Orlando currently and any road that gets you anywhere fast is a toll. My wife and collectively spend $180-200 every month on tolls. So that would free up.

Not yet at least, but there's a good chance tolls maybe coming back.

[larsm]

Originally Posted by Forevermetal02

Now a place like Windsor Locks with 26 mills, the $250K house would be $6,500 or 2.6%. Is all this math I'm doing on the three above correct? Or am I missing something?



Please forgive my naivety, again I'm a young professional and am would be making my first home purchase. Thanks!

In CT, property taxes are based upon 70% of the assessed value of the house. So in your example of $250,000 with mill rate of 26 the tax would be $4,550 (250,000 x .7 x 0.026). Car tax is same formula though value of car depreciates each year.

On house taxes, I would add a little more. First, unlike FL where your house is assessed each year (subject to caps of 3%) in CT the house is assessed by the town once every five years. The mill rate can obviously be changed year to year. The other observation is that assessments tend to be somewhat hit or miss. So I wouldn't assume it is a straight forward calculation. I know many folks in my town that despite just having gone through the revaluation assessment feel their homes are still under assessed compared to what they could sell for today.

[davwve]

Originally Posted by larsm

In CT, property taxes are based upon 70% of the assessed value of the house. So in your example of $250,000 with mill rate of 26 the tax would be $4,550 (250,000 x .7 x 0.026).

In CT, property taxes are based upon 70% of the appraised value of the house.

[JayCT]

Originally Posted by larsm

In CT, property taxes are based upon 70% of the assessed value of the house. So in your example of $250,000 with mill rate of 26 the tax would be $4,550 (250,000 x .7 x 0.026). Car tax is same formula though value of car depreciates each year.

On house taxes, I would add a little more. First, unlike FL where your house is assessed each year (subject to caps of 3%) in CT the house is assessed by the town once every five years. The mill rate can obviously be changed year to year. The other observation is that assessments tend to be somewhat hit or miss. So I wouldn't assume it is a straight forward calculation. I know many folks in my town that despite just having gone through the revaluation assessment feel their homes are still under assessed compared to what they could sell for today.

Home assessments in Connecticut are not done each year. They are done every 5 years. In between your assessment stays the same. The towns do however adjust the mill rate each year. That is how they adjust revenue to cover increased costs each year. Your example of how taxes are calculated is correct. Jay

[JayCT]

Originally Posted by Forevermetal02

Hey all, thanks again for the information that's continuously been added to this thread. I did take the opportunity the other weekend to visit Hartford and it's surrounding suburbs and my wife I and really enjoyed the time in the area. We're thinking of making the move this coming summer.

That being said I have tried to educate myself more on these Connecticut taxes and what they would do to my home buying power. I would be a first-time home buyer too so that only makes it harder for me to understand. I know where I live now in Florida the average tax rate is about 1.06, therefore a house assessed at $250K would have a tax bill of $2650 annually.

Connecticut with the up and down mill rates I've seen seems like I definitely need to be careful where I buy. The same $250K assessed home in Hartford itself with it's 72 mills would work out to $18,000 a year or 7.2%, ouch! Is that the correct math there? Not that I would want to live right in Hartford anyway.

Now a place like Windsor Locks with 26 mills, the $250K house would be $6,500 or 2.6%. Is all this math I'm doing on the three above correct? Or am I missing something?

I just wanted to understand this system better so I can make an informed decision on where to live in CT and also, plan for that bump with I'm negotiating salary (to be fair in all this, my profession's average salary is significantly higher in CT than FL). I'm also aware of the vehicle tax, but not too worried about that one. Is there anything else I'm missing here, and do could I expect more on my yearly tax returns at least for all this taxing.

Please forgive my naivety, again I'm a young professional and am would be making my first home purchase. Thanks!

I would not worry so much about how the taxes are calculated since what you pay for the home does not affect them. When you look for homes, you should be told the current taxes on it. That will only change when the town determines its new mill rate each year. The assessed value of the home is determined every 5 years and does not change in between. This value is relative to all the other properties in the town and the town will adjust the mill rate up or down to compensate for the re-evaluations, so it is unlikely there would be a major change in the amount you pay each year.

You might want to look at a cost-of-living calculator to get an idea of the differences. I like the one below. It will only give you a general idea but it does serve as a starting point. Jay

Cost of living: How far will my salary go in another city? - CNNMoney