[jjinla]

I've seen many discussions on this, but since we are looking in the under $900K range, wanted to start another. We recently moved from the Los Angeles coast and are renting in lower Westchester, but we don't love the area (the layout is a bit of a hodge-podge, the lights are all poorly planned so it takes forever to get places, you have to drive to undesirable areas to shop anywhere but a mom & pop because of zoning laws, etc.). On top of that, paying $20-30K in property taxes for a 3-4 BR fixer-upper gives us serious pause.

We need a 45 minute commute or less to GCC and excellent schools. Stamford is out for that reason. How does the cost of living compare in Greenwich vs. towns like Larchmont, Scarsdale and Rye? It seems like you pay more for the house in CT, but less in property taxes. Is that true and if so, are there any other tax sources we should be aware of? Are goods in the area more (I know gas is for sure).

We are relatively laid back overall (always lived by the beach in CA), 30-something, dad works in the city, mom stays home with 2 toddlers, so we are struggling to find a place in the area that we feel comfortable with. Thanks.

[kidyankee764]

Originally Posted by jjinla

It seems like you pay more for the house in CT, but less in property taxes.

That's exactly it.

Regarding other taxes, you will have to pay a car tax on your vehicle and it's based on your towns mil rate. I believe Greenwich has a rather low mil rate, though. I just paid ~ $343 on my car for the year.

[nep321]

The sales tax rate in CT is 6%, but is only 4% in NY. This differential could result in $200+ extra per year in CT, but it's not life changing.

[kidyankee764]

Originally Posted by nep321

The sales tax rate in CT is 6%, but is only 4% in NY. This differential could result in $200+ extra per year in CT, but it's not life changing.

True. That said, $200 extra per year is peanuts compared to what the OP will have to pay in property taxes on a similar home in Westchester (think thousands more in NY).

[JayCT]

One of the reasons taxes are lower here is that we do not have the multiple layers of government that New York has. There are no county governments, just state and town. Some towns in Connecticut may charge you a fire district tax but I do not think that Greenwich is one of them. As for car taxes, unless you have seriously expensive vehicles it should not be too much of an issue. Overall I would say that if you can find a home in Greenwich that sits your needs, I would not hesitate. Greenwich is a great town and a lot less congested than most of southern Westchester. Jay

[Rich Lee]

Originally Posted by nep321

The sales tax rate in CT is 6%, but is only 4% in NY. This differential could result in $200+ extra per year in CT, but it's not life changing.

True, but be very careful. Counties, towns, and villages can and do add to the state rate. When I purchased my vehicle in Mahopac, the F&I manager was shocked at our low rate here in Connecticut. She said most of Putnam County is in the 8 to 8 7/8 range. (The rate for Mahopac is 8 3/8%.) That difference really adds up on a $40,000+ F-150.

[John Herman, Buyer's Rep]

There is a pleasant change in atmosphere when you cross from Westchester to Connecticut that everybody comments on. I show homes mainly in CT, but also in Westchester. I like both, but southern Westchester is more urbanized that CT, and hence the feel. For 900k, you can live in Greenwich. You might not have the largest home, but quality of life does not depend on the quantity of sheetrock surrounding you. Everyone who buys in Greenwich accepts a smaller home that they could by elsewhere for the same dollars. There are benefits gained...among them a town with every service, a 150 acre waterfront peninsula park, an accomplished and eclectic population. I just finished running some statistics as of August for Riverside. Prices are down to 2001 levels with inflation factored in. Number of sales in town is up now since the low of 2009, but prices as still favorable. There are other CT towns to consider as well, if you will increase commute a bit. John Herman

[JayCT]

Originally Posted by Rich Lee

True, but be very careful. Counties, towns, and villages can and do add to the state rate. When I purchased my vehicle in Mahopac, the F&I manager was shocked at our low rate here in Connecticut. She said most of Putnam County is in the 8 to 8 7/8 range. (The rate for Mahopac is 8 3/8%.) That difference really adds up on a $40,000+ F-150.

Interesting Rich but we just bought a vehicle in NY and paid CT Sales Tax. The dealer said that you pay the tax on where the vehicle is registered. I wasn't going to argue especailly since I was told the same thing by another NY dealer. Jay

[jjinla]

Jay, that much is true - you pay tax on where the vehicle will be registered. California cities all have different sales tax rates. Ours when I left was 9.25% and rising. Sort of negates low property taxes there...

Thanks everyone for the tips. We will spend some more time there in the next few months. So far nothing in Mamaroneck and Rye has wowed us. But is there any kind of economic diversity in Greenwich short of hedge fund money vs. service workers? I've seen reports saying that the median income there is $400K...is that true? It seems outrageously high. Westchester middle class is considered $150-$250, so I've been told. What is it in Greenwich?

[JayCT]

The median household income in Greenwich is $126,000. Not high really considering home prices there. Jay