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I am retired and was looking in Fairfield County for a townhouse/condo, but with Governor Molloy's announcement of a revised budget due to a tax revenue shortfall I changed my mind. Someone told me not to worry because the money CT. needs won't be taken from my pocket, the rich will have to fork over more money, not retirees. But haven't the rich been leaving CT. and moving to FL. in droves due to the increase in estate taxes? Who will be left to pay for the teacher's pensions, the poor, and whatever else CT doesn't have the cash to pay for, the middle class and the retirees? CT wants the Indians to build a new casino, but the last time I was at Foxwoods, a big part of the casino was closed during the week to cut down expenses, so how is a new casino going to add revenue? Since people are moving out and taxes are going up, who will be left to gamble, and the people who stay probably won't have the money to gamble after tax hikes?
CT is in a lot of trouble if people are moving out and others are afraid to move in.
Despite what some may say, the rich have not been leaving the state in droves. The baby boomers are retiring and just like the generations before them some of them are heading south for warm weather. The person that said that retirees will likely not be paying more is likely only partially correct. Income taxes will likely not be increased for the middle class but you may see higher property taxes since the state will likely be cutting aid to towns and may pass a portion of the teachers pension obligations on to them. No one know exactly how this will be resolved just yet but it is clear that it has to be resolved now.
Also note that the reason the state is considering a third casino in the Hartford area is to try and keep some of the gambling revenue in the state once a MGM opens its new casino in Springfield next year. It has nothing to do with need for more gambling venues. Even that is not certain yet. Only you can decide if Connecticut is right for you to retire to. I wouldn't let some people's panicking let you sway your decision. Jay
I wouldn't be so anxious to move into CT with higher property taxes looming to pay for your teacher's pensions, and your state probably overspends in areas they shouldn't. I bet some of those CT baby boomers living in Florida are the retired teachers living it up in a "cheaper state" while the CT. middle class taxpayers will be footing the bill for their pensions.
With casino revenue down 40% in CT. since inception, I would think CT. does need gambling revenue to pay the bills and is part of the reason for your revenue shortfall., thus keeping as many gamblers in your state from going to Mass. makes sense, provided the gamblers keep coming. I find the people who really enjoyed the casinos in my neighborhood years ago either died off, are too sick to make the bus trip to Atlantic City, or got too disgusted about losing all the time after the casinos tightened their slots when falling on tough times. The younger people brought up on video games and on-line activities have no interest in casinos, but might experiment with on-line gaming. I don't think there are enough interested gamblers to keep several casinos, not too far apart, busy enough to make big profits any longer. It's too bad any state has to partially rely on their residents losing money to keep their state afloat.
Don't get me wrong, I love CT and stay at Foxwoods, Mohegan, and Mystic a few times a year, but it looks like I will only be visiting and not living there because I am being priced out of the real estate market with high property taxes, HOA fees, and mortgage payments. I am considering moving back to Florida myself (lived there for 10 yrs.), you can't beat the low property taxes, low HOA fees, and no need for a mortgage with beautiful 2,300 sq ft. townhouses in the $200,000's.
I am retired and was looking in Fairfield County for a townhouse/condo, but with Governor Molloy's announcement of a revised budget due to a tax revenue shortfall I changed my mind. Someone told me not to worry because the money CT. needs won't be taken from my pocket, the rich will have to fork over more money, not retirees. But haven't the rich been leaving CT. and moving to FL. in droves due to the increase in estate taxes? Who will be left to pay for the teacher's pensions, the poor, and whatever else CT doesn't have the cash to pay for, the middle class and the retirees? CT wants the Indians to build a new casino, but the last time I was at Foxwoods, a big part of the casino was closed during the week to cut down expenses, so how is a new casino going to add revenue? Since people are moving out and taxes are going up, who will be left to gamble, and the people who stay probably won't have the money to gamble after tax hikes?
CT is in a lot of trouble if people are moving out and others are afraid to move in.
I would never move back to CT due to the liberals running the government.
They have continually raised taxes and increased spending. Now the state is effectively bankrupt.
People should stay out of CT, this is what one party Democratic rule results in.
I am retired and was looking in Fairfield County for a townhouse/condo, but with Governor Molloy's announcement of a revised budget due to a tax revenue shortfall I changed my mind. Someone told me not to worry because the money CT. needs won't be taken from my pocket, the rich will have to fork over more money, not retirees.
My husband retires in a few years (I have another 10 to go) so I have been looking into the senior tax situation in Connecticut. Maybe this chart can help you.
You should also know that some towns have very good senior tax relief. The state has a program that gives up to $1200 (or around that amount) depending on income. Then the towns piggy back off of the state program. This list is a little old but I can't seem to find a more current one. I know my towns senior tax relief has gotten better since 2012.
Now having posted all of the above I have no idea how all the shortfall at the state government is going to affect all of the above. If they throw some of the teacher pension costs back to the towns I know that my town of Trumbull will get hit very hard in the millions. That might affect the senior tax relief in my town and others but only time will tell. It will affect many of the towns in Fairfield County because we have the higher incomes.
I am just curious, why are you looking only in Fairfield County. I am looking outside of FFC and townhouses/condos are much less expensive, including the taxes.
Where to retire -- that decision can be based on many factors, and you are the only one to decide which factors are important for you, and how much weight to put on them.
Long-term fiscal health of the state (and town) you are looking into -- that has to a be factor in any retirement spreadsheet. CT has one of the worst fiscal numbers in the country. But many seniors decide to retire in CT.
For my inlaws, if money wouldn't do it, increasing congestion, at all hours -- that may tip that scale. They envisioned retirement as being active, going at different places throughout the state and around, for outdoors, cultural and lectures, but congestion is doubly frustrating -- sitting in traffic, plus they need to plan around it, so it's taking the fun out of their activities.
Demand for casino gambling is in freefall and CT already has far too much casino capacity. Due to both other states allowing casinos and people increasingly shunning it, the sun has set on this. So you make too much of it. Forget about it. But I suppose the longer the state apparently doesn't understand this, the less confidence you have to have in the state's leaders in terms of vision and foresight. More and more they look like they are operating in yesterday's world.
All states have their cycles and there is no doubt that CT is not doing well now. I understand that there are practicalities and the state's budget will ultimately translate into real dollars and cents for you but I would not choose my location based on a single budget action. Presumably this is a 20+ year decision.
There are house price bargains in most parts of the state - less so in FFC but it is not immune to the trends, especially outside of the hottest NYC commuter towns.
Someone mentioned conjestion and it's easy to complain about it in any area and there are many places much more conjested than CT. Try living in many of the fast growing Southern suburbs.
Since there are pros and cons to every relocation option, why don't you tell us what your other options are rather than just focusing on why CT is so bad?
My husband retires in a few years (I have another 10 to go) so I have been looking into the senior tax situation in Connecticut. Maybe this chart can help you.
You should also know that some towns have very good senior tax relief. The state has a program that gives up to $1200 (or around that amount) depending on income. Then the towns piggy back off of the state program. This list is a little old but I can't seem to find a more current one. I know my towns senior tax relief has gotten better since 2012.
Now having posted all of the above I have no idea how all the shortfall at the state government is going to affect all of the above. If they throw some of the teacher pension costs back to the towns I know that my town of Trumbull will get hit very hard in the millions. That might affect the senior tax relief in my town and others but only time will tell. It will affect many of the towns in Fairfield County because we have the higher incomes.
I am just curious, why are you looking only in Fairfield County. I am looking outside of FFC and townhouses/condos are much less expensive, including the taxes.
Thanks so much for the informative post! I always loved the Danbury area, that location has every store and car dealership
I need and Candlewood Lake is a big plus. My elderly Mom will be living with me and I want to be close enough to NY so she can still attend her NY senior clubs and see her friends. Additionally, I want to be near a good hospital and Danbury Hospital is rated better than Greenwich Hospital now. Danbury was rated the second best place to live (after a town in Idaho) in the nation by a popular web-site. I am also looking in Carmel, Mahopac, Mohegan Lake, etc. Putnam Hospital in Carmel is highly rated also, and Carmel was named one of the top ten towns in NY to retire. NYS has the enhanced Star program for seniors and it seems much more generous than Danbury's discount, provided I read the chart correctly.
I looked in Heritage Hills in Somers, property taxes are low, but HOA fees are much too high on some units. I found a Heritage Hills in Southbury, CT, condos are much cheaper than in Somers, but I don't want to bring Mom further away from NY than the Danbury area in case some happens to me, Mom's brother lives in Carmel,, close to Danbury.
I looked at over 55 condos in Wappingers Falls, but the nearest hospital is 20 miles away and the hospital employees are rating it terrible on-line, they say VIP patients are given much better care than regular ones and it's disgusting.
The bottom line is I am looking for an area in or close to NY, reasonable property taxes, good medical facilities, close proximity to big box stores and organic stores if possible, and low crime rates.
Demand for casino gambling is in freefall and CT already has far too much casino capacity. Due to both other states allowing casinos and people increasingly shunning it, the sun has set on this. So you make too much of it. Forget about it. But I suppose the longer the state apparently doesn't understand this, the less confidence you have to have in the state's leaders in terms of vision and foresight. More and more they look like they are operating in yesterday's world.
All states have their cycles and there is no doubt that CT is not doing well now. I understand that there are practicalities and the state's budget will ultimately translate into real dollars and cents for you but I would not choose my location based on a single budget action. Presumably this is a 20+ year decision.
There are house price bargains in most parts of the state - less so in FFC but it is not immune to the trends, especially outside of the hottest NYC commuter towns.
Someone mentioned conjestion and it's easy to complain about it in any area and there are many places much more conjested than CT. Try living in many of the fast growing Southern suburbs.
Since there are pros and cons to every relocation option, why don't you tell us what your other options are rather than just focusing on why CT is so bad?
I lived in FLA. for ten years, the Interstate 4 traffic (from Volusia County beach area down to the Orlando Disney area) was horrible back in the 90's, the crime was just starting to escalate (Orlando had 163 murders in 2016), and besides, in the winter the hospitals have no room with all the snowbirds down there (most of the hospitals have bad ratings) and patients are put on stretchers in the hallway waiting for rooms!
I discussed other retirement options in my previous reply.
Yes, the CT lawmakers certainly look foolish thinking a new casino will help their financial woes! It makes me wonder what other mistakes they made which allowed CT to slide into the bottom five states economically. It's a shame that some of the most brilliant minds in the country who reside in CT let this happen, it's very disappointing.
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