evsang, Home Buyer in New London, CT

Is New London planning on higher property taxes? If so, would you advise against moving into the city?

Asked by evsang, New London, CT Mon Jul 9, 2012

I'm looking into buying my first home, and I work at the New London EB campus. Would I be better off looking for homes in waterford/uncasville? I'm looking for homes around $125,000.

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Good evening:

Taxes are a reality in any town, and rarely do they go down. That said, the chances of taxes increasing should be only one factor to consider when buying your first home -- and in my opinion not the greatest factor. However, given what Cassandra has said, a wait-and-see might not be a bad idea.

Questions to consider. Does the community you are considering match your lifestyle? Do you have children (or are you planning to have children), and therefore do the schools match your expectations? What will the commute be like? Can the re-sale be in any way predicted?

And of course, have you checked prices and have you consulted with a mortgage specialist yet (since getting a mortgage is the single biggest factor especially for a first time buyer.

I wish you success in your quest.

BTW, OpSail is a tremendous New London event.

Peter
0 votes Thank Flag Link Mon Jul 9, 2012
Mayor Daryl Finizio has proposed a nearly 20 percent hike in the tax rate, which means about an extra $1,000 in taxes for a $200,000 home. If this is something that will not meet your budget, then looking elsewhere may be in your future. It may go referendum however (voters may decide), so there is possibility of cuts instead of higher taxes. It is a chance you are taking if you would like to move to New London. Other town's property taxes may eventually go up as the market gets better as well, so you need to think about that. If there are higher property values, there will be higher property taxes. Just make sure that you think of future tax hikes when purchasing a property and leave room for that in your budget. Play it safe. I am giving you access to the entire MLS in the link below. It's free and user friendly, so enjoy your home search. Let me know if you would like to take a look at any properties that interest you or if you have any other questions.

Click here for access to the MLS - http://www.mlsfinder.com/ct_gnhar/cassandraritone/index.cfm?…
0 votes Thank Flag Link Mon Jul 9, 2012
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