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Old 12-09-2018, 02:47 PM
 
1 posts, read 130 times
Reputation: 10

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Hello everyone, we are a Navy family who have been recently stationed in Groton. We have fallen in love with CT and New London/Groton and the surrounding areas. We are considering retiring here but I am having trouble wrapping my head around the tax situation. I am originally from San Diego so I am used to high taxes. In San Diego a $500,000 home your taxes are roughly $6,500 a year, looking here at a $500,000 home in New London area and the taxes would be $20,330 a year...is that right? Are there any property tax breaks? What am I not seeing? I realize your money goes further here as far as what the amount will buy you I still keep thinking Wow...
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Old 12-09-2018, 06:24 PM
 
Location: Connecticut
24,897 posts, read 40,530,657 times
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Well first, a $500,000 home in San Diego is usually a lot more modest of home than a $500,000 home in the New London area. Still I doubt the taxes on that home in New London area would be $20,000. That is insane. From the listings I see they are mostly around half that. Some are even under $6,000. Where did you see a $20,000 tax bill because I see nothing close to that. The towns around New London are great. There are a lot of options in your price range. Good luck. Jay

https://www.zillow.com/waterford-ct/

https://www.zillow.com/east-lyme-ct/

https://www.zillow.com/center-groton-groton-ct/

https://www.zillow.com/north-stonington-ct/
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Old 12-09-2018, 06:44 PM
 
8,327 posts, read 4,258,796 times
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Think it goes by assessed value of the house

Example there's a property worth $549K and property taxes are around $15K with an assessment of $346,500
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Old 12-09-2018, 08:47 PM
 
Location: Palm Beach County, FL
44 posts, read 18,124 times
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One needs to know the mill rate. Out Stratford home was assessed at 169K. The mill rate was 39.9. The annual tax bill was 6515.

20K on a half million home does not seem unusual to me.
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Old 12-09-2018, 09:09 PM
 
Location: Palm Beach County, FL
44 posts, read 18,124 times
Reputation: 47
By comparison, my parent's home in Sheton is also assessed at 169K. The taxes there are only 3700 annually.

Finally, my old condo in Milford has a sale pending at 159K. Assessment is 90K. Taxes are 2500.

Shop around. You may find a more affordable town.
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Old 12-09-2018, 10:18 PM
 
Location: Washington State
15,812 posts, read 8,277,802 times
Reputation: 13487
Quote:
Originally Posted by Irish49872 View Post
Hello everyone, we are a Navy family who have been recently stationed in Groton. We have fallen in love with CT and New London/Groton and the surrounding areas. We are considering retiring here but I am having trouble wrapping my head around the tax situation. I am originally from San Diego so I am used to high taxes. In San Diego a $500,000 home your taxes are roughly $6,500 a year, looking here at a $500,000 home in New London area and the taxes would be $20,330 a year...is that right? Are there any property tax breaks? What am I not seeing? I realize your money goes further here as far as what the amount will buy you I still keep thinking Wow...
There are sites that show the tax burden one would pay by state, you should find one that you can put your anticipated income and house cost and calculate what you can expect to pay.

Property taxes is one of those things as a retiree that can really devastating. I'm not yet retired but about to and the house we bought for our retirement in our home state of Washington has had 3 straight years of over $1K increase in property taxes so now we're not sure if we should move out of state....to be fair, we have no state income tax in Washington so that is a huge plus as well.

According to one site, Connecticut has the second highest state tax burden in the nation so doesn't seem like a good retirement state unless you also plan to work as the wages are quite high.
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Old Yesterday, 06:18 AM
 
Location: Coastal Northeast
15,889 posts, read 22,198,265 times
Reputation: 5330
The cost of housing in eastern CT is less than where you’re coming from in CA. 500k will get you a very nice home in that area and the taxes will only be 10k. That area has lower than average property taxes for the state.

That said, I would never suggest CT as a retirement state financially. Income tax/pension, car tax, very high utility rates. If money is no issue or family is there, I get it, but if you have a choice of area, there are others that would be better IMO.
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Old Yesterday, 06:31 AM
 
57 posts, read 21,464 times
Reputation: 76
Quote:
Originally Posted by Bakes View Post
By comparison, my parent's home in Sheton is also assessed at 169K. The taxes there are only 3700 annually.

Finally, my old condo in Milford has a sale pending at 159K. Assessment is 90K. Taxes are 2500.

Shop around. You may find a more affordable town.
Just for another comparison; I live in Northern VA and my home is worth aprox. $500k and my taxes are $5000. So yes, CT real estate taxes are high! I used to live in CT and my family still lives there. I think it's a beautiful state and every so often I think about moving back as I love the coastal towns as well. However, when I look at the high real estate taxes and the taxes on pension and SS, it's really difficult to justify moving back to CT. Taxes alone would take a big bite out of my income. But maybe for someone coming from CA, it may be overall more comparable.
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Old Yesterday, 06:34 AM
 
Location: Coastal Northeast
15,889 posts, read 22,198,265 times
Reputation: 5330
Quote:
Originally Posted by EmiSky View Post
Just for another comparison; I live in Northern VA and my home is worth aprox. $500k and my taxes are $5000. So yes, CT real estate taxes are high! I used to live in CT and my family still lives there. I think it's a beautiful state and ever so often I think about moving back as I love the coastal towns as well. However, when I look at the high real estate taxes and the taxes on pension and SS, it's really difficult to justify moving back to CT. Taxes alone would take a big bite out of my income. But maybe for someone coming from CA, it may be overall more comparable.
I also relocated to VA from CT and have a lot more cash in my pocket monthly. I do miss some things about CT, but certainly not enough to move back. If the cost was more reasonable (and politics not so wacky), CT would be paradise.
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Old Yesterday, 06:54 AM
 
Location: Birch Mt - CT
226 posts, read 183,650 times
Reputation: 187
My house in Manchester is assessed at 155k. I think the mill rate is 35.81. But the bottom line is my property tax is 6500/yr. Won't be staying here in our retirement.
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