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I have to agree that its a bit odd to focus on tax rate as opposed to total tax outlay. To a certain degree there is a correlation between low mil rates and high property values.
For anyone curious the State of Connecticut maintains a list of all of the current mil rates of each municipality:
For the similarly sized property - 2,842 Sq Ft, Price $1.4M, Tax $13,590
Sure, Darien's mil rate looks pretty, but if you were to do some sort of rudimentary calculation of tax per square foot then Madison is revealed to be the bargain of the two. This is of course an imperfect calculation and there are so many variable at play, but at the very least it helps to reframe the tax conversation. Personally I'd be more comfortable paying $10K taxes on a 3,000+ square foot home then I would paying nearly $7K in taxes for a sub-1,000 square foot home, but that's just me personally.
Of course if you want to say that Darien and Madison aren't comparable I would not disagree with you, but that speaks to Jay's overall point. To hammer this home, take the Madison home and plunk it into Boston. How much would the home cost, and what would its total taxes be?
The home in Fairfield with taxes of $5802 is a flip. Sold for $249k.
Horrible location that has bindered twice. Perhaps out of towners who fall for the total makeover, not realizing it's very busy 4 way intersection. On its way to Bridgeport.
Taxes have not adjusted yet to it's new like condition, and value though.
Why is it a horrible location? maybe for you and I
To an out of towner younger couple in Bridgeport with small children looking to get into Fairfield publics it's a fantastic location.
The home in Fairfield with taxes of $5802 is a flip. Sold for $249k.
Horrible location that has bindered twice. Perhaps out of towners who fall for the total makeover, not realizing it's very busy 4 way intersection. On its way to Bridgeport.
Taxes have not adjusted yet to it's new like condition, and value though.
I selected that house because it was the first similar sized home on a similar sized lot that came up on Zillow. Unfortunately Fairfield does not have a lot of inventory to select from these days. Also note that unless the improvements made are significant, add square footage or are permitted, the taxes do not normally increase a lot when homes are updated. Still the Milton house was not updated either so the tax comparison should still be valid. You are correct that the location of that house is not good but that does not really impact taxes. The only location that does add to a homes assessment is if it’s waterfront which is what WestRiver Traveler posted.
That said, here is another similar home. It’s larger but on a similar sized lot in Fairfield. The taxes are $6,305. Higher than the Milton home but not by much.
This house is closer in size and has a slightly larger lot but it’s on a busier street. It’s taxes are $6,001 which is basically the same as the Milton house. I think this all kind of proves that taxes in Fairfield are not significantly higher than Milton. Jay
It’s been over a year since this thread was created and how times have changed. Looks like home prices have really increased since last year, especially over the past few months. There’s also not much inventory.
It’s been over a year since this thread was created and how times have changed. Looks like home prices have really increased since last year, especially over the past few months. There’s also not much inventory.
Not that Redfin estimates are 100% accurate, but the Redfin estimate on my house in Madison was $360K when I bought it in June. It's $375K now. A very similar house in location, layout, condition, and size listed for $399K in October. Looking at the Redfin estimate history, it was $375K in the spring and it's $389K now. I'm curious to see the eventual sale price and how long it take to sell.
Well the property taxes are STILL 10K a year but look further..look at google maps
Basically they rerouted the traffic in the area. There's now an island in front of this house with trees that frankly they have no control over. Eventually they'll grow. The view from the house is constant traffic and this might create privacy but again it isn't on their land, it's on the town. In addition there's a community center that is in very bad shape and has been debated about building a new one. Demolition isn't a bad sound in a urban area where other buildings can block sounds, trees I find hardly block any sound. So if this gets approved you'll be right in front of demolition and construction. If it doesn't get done you have a run down building not being used for anything. It's a lose lose.
The house itself isn't the issue. a large gated pool, 3 car garage etc. But the location....
To be frank I would say a house should take maybe a few months tops before prices drop. If it takes six months, nine months a year on market then you have to really make some adjustments.
Well the property taxes are STILL 10K a year but look further..look at google maps
Basically they rerouted the traffic in the area. There's now an island in front of this house with trees that frankly they have no control over. Eventually they'll grow. The view from the house is constant traffic and this might create privacy but again it isn't on their land, it's on the town. In addition there's a community center that is in very bad shape and has been debated about building a new one. Demolition isn't a bad sound in a urban area where other buildings can block sounds, trees I find hardly block any sound. So if this gets approved you'll be right in front of demolition and construction. If it doesn't get done you have a run down building not being used for anything. It's a lose lose.
The house itself isn't the issue. a large gated pool, 3 car garage etc. But the location....
To be frank I would say a house should take maybe a few months tops before prices drop. If it takes six months, nine months a year on market then you have to really make some adjustments.
Its hard to comment on a listing in a town you don’t know but to me it looks like this house was way overpriced from the start. A $10,000 tax bill on a 4,000 square foot house in Massachusetts is not bad. If you look at the description though it talks about the work the house needs. It appears this was built as a doctor’s office/home set up on a busy street. That’s a very specific, very limited market. Between the work needed and the office, it’s a turn off to most buyers so it’s sitting until the price makes it attractive. Jay
Well the property taxes are STILL 10K a year but look further..look at google maps
Basically they rerouted the traffic in the area. There's now an island in front of this house with trees that frankly they have no control over. Eventually they'll grow. The view from the house is constant traffic and this might create privacy but again it isn't on their land, it's on the town. In addition there's a community center that is in very bad shape and has been debated about building a new one. Demolition isn't a bad sound in a urban area where other buildings can block sounds, trees I find hardly block any sound. So if this gets approved you'll be right in front of demolition and construction. If it doesn't get done you have a run down building not being used for anything. It's a lose lose.
The house itself isn't the issue. a large gated pool, 3 car garage etc. But the location....
To be frank I would say a house should take maybe a few months tops before prices drop. If it takes six months, nine months a year on market then you have to really make some adjustments.
It dropped for several reasons, the major one being its way outdated and appears to be in borderline disrepair. It also looks like there is an adjacent parking lot for some kind of business. That’s only desirable to a small fraction of home buyers.
Regarding Madison, after a closer look and based on price history, looks like many homes in Madison haven’t recovered from the 2006/7 prices. For example, the below listed house sold for $560k in 2006 but listed for $535k last week. I find it surprising that Madison’s house prices haven’t appreciated as much as many other places, given that majority of regular posters here rank Madison as one of the top places to live in CT. But I’m guessing since Madison in pretty far from major employment hubs, not so man individuals are willing to move that far. Also, Madison has large retiree population so who knows, maybe many of them moved south, which would explain supply and demand.
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