Home Buying in Pawling>Question Details

Walter Frede…, Home Buyer in Millerton, IA

I've looked in CT & NY. I've found several homes i want to buy. in the long run in view of TAXES which is best 400K in NY or 400K spent

Asked by Walter Frederic Roy Iii, Millerton, IA Fri Mar 11, 2011

in CT? Which is best TAX WISE, 400K spent in NY or CT?

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The Tax Foundation puts out stats every year regarding property taxes and TOTAL taxes for all the states. New York is usually near the top in property taxes, but CT is frequently leading the pack with total taxes. If you live in CT and work in NY you could also end up with a non resident income tax which would make it even more expensive to live in CT. Also keep in mind if you live in CT and work in NY you will spend a LOT more in commuting over the course of a year. Forget taking a train to anywhere in NY, including NYC, if you live anywhere north of Danbury. The CT people drive over to Brewster to get the train.

Donald Mituzas
Licensed Associate Broker - NY & CT
Prudential Douglas Elliman - NY's #1 Broker
Web Reference: http://www.nyhomeseller.com
1 vote Thank Flag Link Fri Apr 1, 2011
Taxes should not be your only concern when purchasing properties--if purchasing for investment purchases there are other factors to consider such as exact locations, employment opportunities, proximity to transportation, etc.; also keep in mind that taxes do vary as well by property, schools, location, etc.
1 vote Thank Flag Link Fri Mar 11, 2011
Most of Connecticut's property taxes are lower than New York's. I have clients who consider buying a home in Westchester or Putnam Counties of New York and end up purchasing in the Fairfield and Litchfield Counties of Connecticut because of the lower proerty taxes as well as the lower sales tax. Even having to incorporate Connecticut's luxury tax - which is approximately 1+% of what your car, motorcycle, boat,... is worth as well as if you live in CT and work in NY and end up having to pay income tax. In the end, they pay less taxes by living in Connecticut.

cell/text: 203-648-2619
BLOG: http://www.DianasNeighborhood.com
E-mail: Diana.Santos@Century21.com
1 vote Thank Flag Link Fri Mar 11, 2011
A few years ago, I obtained my CT license as almost 30 percent of homebuyers looking in my Putnam/Dutchess area were buying in CT due to their concern over tax liability. I also have clients for whom it makes a difference to live in NY and work in NY. I think that you should examine both areas and speak with you accountant as well. Look at school districts online and research the areas you're considering.

Recently, I had a couple who loved Sherman and ended up purchasing over the border into Pawling because they wanted a larger town than what Sherman had to offer, due to their children. That outweighed the tax liability in the end.

Best of luck!
Jeannine Wender
Prudential Serls Prime Properties
0 votes Thank Flag Link Fri Mar 11, 2011
Just saw something about this on TV recently. I think it had to do with tax sheltering and a wealthy politician who claimed residency in CT. Must be cheaper than NY.

Good luck,

Sandy Farmer
Realtor, GRI, CSSN
John Hall & Associates
Web Reference: http://homesales411.com
0 votes Thank Flag Link Fri Mar 11, 2011
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