home purchasing, RI vs. CT (Coventry, Narragansett: property taxes, homeowners insurance, incomes)

[eastcoastgrl]

hi ya'll well, here's the scoop, i was born and raised in RI ( south county) but haven't lived there for say, 13 years. now if we were to contemplate a move back, ( not for about 2 years) what kind of homeowners insurance/property tax differences are we talking about between CT and RI if any. I have an idea of the purchase prices of homes, and although I've owned a few homes, none of them were in these 2 states, i know the taxes are high in RI, are they about the same in CT? In RI I would be looking at Narragansett, Saunderstown, and alternately, Coventry/W. Greenwich.
In CT, like Stonington, N. Stonington, Mystic areas. Close to the line, I'm not as familiar with CT. if anyone knows, that would be very helpful in us narrowing down some stuff. Thanks!!!!

[professorsenator]

I'm not sure, but I think both property taxes and income taxes are lower in CT than RI. IIRC, CT taxes are comparable to MA, which are overall a little lower than RI.

[Jenkins86]

According to this view CT has the highest total taxes in the country:

The Tax Foundation - State and Local Tax Burdens Compared to Other U.S. States, 1970-2007

[eastcoastgrl]

ok, well thanks for the info, i was under the impression it was a little more reasonable in CT and that the schools are better there too? I would have to do more research there, but it makes me want to lean more towards CT.

[ThreePitas]

The schools in CT are by far better than RI. (Check our school matters. com. It gives you the percentage of students who were able to pass national reading and math tests for each school) The rural areas of CT have lower crime rates than the rural areas of RI and housing in CT I'm finding to be less expensive than RI. We are moving from RI to CT (FINALLY!) and can actually sell our house and buy a bigger one on more property for less money in CT.

Then there's the issue of being accepted - more likely in CT I think. RI is hard since most people never leave, and if they do they just come back. They have circles that are NOT open to newcomers. I've lived here for 10 years - my husband even grew up in this town, but I am still an "outsider".

[nwc07]

3 Pitas,

As someone who has lived in both states you are right on the money! I have found the people in RI to be among the most unfriendly we have ever encountered. Such a shame since RI is one of the most beautiful states! Its a very "closed" society and they do not welcome newcomers very readily. However, you drive over to CT and its so different. I am wondering if CT has alot of people who have moved there from other areas. If I had the choice it would be hands down CT. You can always take a quick drive to enjoy the coastal areas of Rhode Island.

[Busch Boy]

Originally Posted by Jenkins86

According to this view CT has the highest total taxes in the country:

The Tax Foundation - State and Local Tax Burdens Compared to Other U.S. States, 1970-2007

This really surprises me. I thought New Jersey would be number one. Taxes here are ridiculous! We don't have a sales tax on clothes and shoes, so maybe that helps out.

To the OP, I have lots of family in CT and it's a great place to live. I've never been to RI, so I can't comment. Good luck!

[cyc1e]

I'm not convinced that the total (with federal) tax burden tells the best story. CT has among the highest average incomes in the nation - most notably within the NYC commuting area. If you look at the first column (in blue), you'll see the total state and local tax burden (without federal).
The Tax Foundation - State and Local Tax Burdens Compared to Other U.S. States, 1970-2007

Suddenly RI is 4th, CT is 8th and unfortunately, my state (Maine) is 2nd.

The link below is specific to RI. Note the personal income tax rate and the sales tax rate.

The Tax Foundation - Tax Data for 56

[Rnrboy]

Cycle,

Am I to take it, from reading over the info on the website, that even though RI has some of the highest income taxes in the nation - we have thee absolute lowest business taxes??

I knew economics was lopsided in this state but I had know idea the mentality was THAT conservative!

[cyc1e]

"Am I to take it, from reading over the info on the website, that even though RI has some of the highest income taxes in the nation - we have thee absolute lowest business taxes??"

I don't think so but perhaps I'm reading it wrong.

Anyway, here are direct quotes.

On State and Local Tax burden: "Estimated at 12.7% of income, Rhode Island’s state/local tax burden percentage ranks 4th highest nationwide, well above the national average of 11.0%."

On Income Tax: "Rhode Island's personal income tax system consists of five brackets and a top rate of 9.9%, kicking in at an income level of $349,700." and "Among states levying personal income taxes, Rhode Island's top rate of 9.9% is the highest nationally."

On Corporate Income Tax: "Rhode Island's corporate tax structure consists of a flat rate of 9% on all corporate income. Among states levying corporate income taxes, Rhode Island's rate ranks 7th highest nationally."

On Business Tax Climate: "Rhode Island ranks 50th in the Tax Foundation's State Business Tax Climate Index." (This is an index designed and maintained by the Tax Foundation. By their ranking, 50 is the worst state business climate with regard to taxes.)

There is more, but it doesn't really pertain to Income tax or the Business tax climate.