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I looked at a new single family townhouse at the Rivington in Danbury, it's going for $360,000, property taxes are between $7,000 and $9,000, depending on what's in it. Additionally, in CT. I would have to pay tax on my cars. I live in a two family brick home with 6 bedrooms and finished basement in southern Westchester County, house has been appraised at $650,000, and taxes are $10,500, no personal property tax and one of the floors can be rented. I have the better deal in NY, IMO.
Not to mention you'll be able to sell that home much faster and with potentially higher gains than a Danbury home in the future. New construction in Danbury - they're using cheap Home Depot parts.
I edited this to add further comments, but it didn't post. Yes, I initially I thought the CT taxes would be much lower than in NY, until I started looking at prices, they aren't that much lower considering personal property tax, real estate tax, etc. I feel my house is too much work now and wanted to downsize, CT. Was one of my location choices until I read about the possible budget revision and I wanted to know what others thought about it. Thanks for your comments.
Even if you were right, people plan for retirement in a long-term fashion. 20, 30, maybe even more years. Life Expectancy is moving towards 90 yrs. If you retire at 60, 65, or even 70 yrs old -- you should figure you still l have a good 20 years to go.
So even if the collapse is not imminent (although some people in this board will disagree with that), still 20-30 years is not a short time, and you need to think long-term financial viability for the state, especially if you are on a fixed income, with not a lot of cash set aside.
I see what you're saying, however 20-30+ year planning assumes that the current trajectory will continue. If CT's new Governor/Legislature comes up with innovative solutions to the budgetary and longer term obligations, then CT's value is going to rise immensely in the near future. Similarly, if NY or MA start to decline precipitously then CT will start looking great in comparison -- hopefully this is not the case as I would hate to see any state decline. It would be foolish to make retirement plans based on what is happening right now -- hey if you like warm weather and golf year round and Arizona is where you want to be, then go for it. That's very different than running from CT's long term decline, which may or may not even materialize.
I am not trying to overlook the challenges/issues that CT faces, however describing it in hyperbolic terms is not accurate either.
I looked at a new single family townhouse at the Rivington in Danbury, it's going for $360,000, property taxes are between $7,000 and $9,000, depending on what's in it. Additionally, in CT. I would have to pay tax on my cars. I live in a two family brick home with 6 bedrooms and finished basement in southern Westchester County, house has been appraised at $650,000, and taxes are $10,500, no personal property tax and one of the floors can be rented. I have the better deal in NY, IMO.
What town do you live in southern Westchester County? I am very curious as Westchester property taxes on average exceed Fairfield County's taxes.
I live in East Yonkers, bordering upscale Bronxville, NY, on the Sarah Lawrence College (most expensive college in the U.S.) side of the city. Yonkers was just named the second safest city of it's size in the U.S. Yonkers is great if you live in the good neighborhoods and probably has one of the lowest property tax rates in Westchester County. But (there is always a but, lol), there is a Yonkers city tax on workers and there is a 1% exit tax when a homeowner sells. Last year they wanted to raise it to 2%, so I figured I would get out before the liberals win that increase, lol. The Realtors tell me the Yonkers market is hot, even the Bronx is hot, they haven't seen anything like it! I would like to take the home sale money and run if I can find a place to go!
Thanks for all comments!
I see what you're saying, however 20-30+ year planning assumes that the current trajectory will continue. If CT's new Governor/Legislature comes up with innovative solutions to the budgetary and longer term obligations, then CT's value is going to rise immensely in the near future. Similarly, if NY or MA start to decline precipitously then CT will start looking great in comparison -- hopefully this is not the case as I would hate to see any state decline. It would be foolish to make retirement plans based on what is happening right now -- hey if you like warm weather and golf year round and Arizona is where you want to be, then go for it. That's very different than running from CT's long term decline, which may or may not even materialize.
I am not trying to overlook the challenges/issues that CT faces, however describing it in hyperbolic terms is not accurate either.
Some good points! Let's hope all the states do well going forward.
I see what you're saying, however 20-30+ year planning assumes that the current trajectory will continue. If CT's new Governor/Legislature comes up with innovative solutions to the budgetary and longer term obligations, then CT's value is going to rise immensely in the near future. Similarly, if NY or MA start to decline precipitously then CT will start looking great in comparison -- hopefully this is not the case as I would hate to see any state decline. It would be foolish to make retirement plans based on what is happening right now -- hey if you like warm weather and golf year round and Arizona is where you want to be, then go for it. That's very different than running from CT's long term decline, which may or may not even materialize.
I am not trying to overlook the challenges/issues that CT faces, however describing it in hyperbolic terms is not accurate either.
Yes. No one can predict precisely what and how it will happen. Especially knowing that we are entering uncharted territory. We have never seen in our country's history this accumulation of unfunded obligations coupled with a political checkmate.
However, for us that have been following CT for the last decade or two, the trend of a worsening fiscal state has been very clear.
The writing is on the wall, for those who heed advice of math.
So the 20-30 year time horizon is perfect to consider. Yes, tax burden will increase and services will decrease.
Secondly, we make the best decision with the facts at hand. Facts are not good at all.
Third, fiscal health of the state is one of the factors for many. Some people could care less. Maybe they have large savings and have nobody to leave it to. In that case, have at it.
I live in East Yonkers, bordering upscale Bronxville, NY, on the Sarah Lawrence College (most expensive college in the U.S.) side of the city. Yonkers was just named the second safest city of it's size in the U.S. Yonkers is great if you live in the good neighborhoods and probably has one of the lowest property tax rates in Westchester County. But (there is always a but, lol), there is a Yonkers city tax on workers and there is a 1% exit tax when a homeowner sells. Last year they wanted to raise it to 2%, so I figured I would get out before the liberals win that increase, lol. The Realtors tell me the Yonkers market is hot, even the Bronx is hot, they haven't seen anything like it! I would like to take the home sale money and run if I can find a place to go!
Thanks for all comments!
To me Yonkers is similar to Danbury, but if you are in East Yonkers / Fleetwood -- that's not really "Yonkers" although you get to pay Yonkers Income tax etc.
Apartment-wise, several towns in Westchester offer good values. Hartsdale, Mamaroneck, White Plains, maybe Fleetwod, even New Rochelle, if you don't have to walk it. Hartsdale, Mamaroneck are walkable, which to me means -- appealing town center, professional people walking with kids, no pants to your knees, trash ghetto, illegals, potholes, and general feeling of unkept and rough. And be able to walk 5-10 blocks with nice storefronts like that.
In CT from the towns mentioned, Bethel, Fairfield, New Milford are walkable. Under that definition, Danbury for me is NOT walkable. Neither is Yonkers, White Plains, New Rochelle, Port Chester. Bridgeport is comparable to Mount Vernon.
Bronxville, Larchmont, Rye, Scarsdale, Greenwich, Ridgefield are a step above everybody.
NJ also offers good values for apartments, especially if you don't have to cross the bridge every day.
I looked at a new single family townhouse at the Rivington in Danbury, it's going for $360,000, property taxes are between $7,000 and $9,000, depending on what's in it. Additionally, in CT. I would have to pay tax on my cars. I live in a two family brick home with 6 bedrooms and finished basement in southern Westchester County, house has been appraised at $650,000, and taxes are $10,500, no personal property tax and one of the floors can be rented. I have the better deal in NY, IMO.
I am not doubting what you say but most homes I see in Yonkers in the $650,000 price range have taxes well over $12,000. For that same price in Danbury, you get a newer larger home and the taxes are under $12,000. Even when you add your car taxes to that you would still be less in Connecticut. Jay
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