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Mill Rate
The mill rate for the 2020 Grand List is 43.88. A mill rate of one mill means that owners of real, personal and motor vehicle property are taxed at a rate of $1 on every $1,000 of assessed taxable property. Therefore, a property assessed at $10,000. will pay a tax of $438.80.
That's a property tax of 4.388%. I'm assuming tax is assessed at 70% of its value. So that'd be a property tax of 3.07% which is just astronomical. I'm asking the Connecticut forum.
Property tax rates(key word) on average in NYC are actually relatively lower than other parts of the state and many parts of the Northeast: https://smartasset.com/taxes/new-yor...tor#wxzzz3WEO0 (Manhattan, 1.925%)
Income tax is higher and only NYC, as well as Yonkers in NY State have a municipal city income tax in NY State. A good source for looking at taxes within each state: https://www.retirementliving.com/taxes-by-state
Bolded areas are those on or intended to be on the list. This can give an idea about pay and can be used in relation to the cost of living for these areas.
Folks on the CT board confirmed an average 3.07% property tax rate in New Haven proper. More than 3x NYC's avg. .88% property tax rate and 3.98x Bostons .77% property tax. Makes the relative "affordability" make more sense.
Quote:
Originally Posted by ckhthankgod
Some areas based on this figure(May 2020 information)
Bolded areas are those on or intended to be on the list. This can give an idea about pay and can be used in relation to the cost of living for these areas.
Looking at these salaries...
In New Haven, this equates to roughly $45,979 after state local, and federal tax
In Providence: $45,481 after state local and federal tax
In NY State: $53,038 after state local and federal tax
In NYC: $50,375 after state local and federal tax
In Boston: $55,094 after state local and federal tax
In Pennsylvania: $47,613 after state local and federal tax
In Philadelphia: $45, 5000 after state local and federal tax
Folks on the CT board confirmed an average 3.07% property tax rate in New Haven proper. More than 3x NYC's avg. .88% property tax rate and 3.98x Bostons .77% property tax. Makes the relative "affordability" make more sense.
Looking at these salaries...
In New Haven, this equates to roughly $45,979 after state local, and federal tax
In Providence: $45,481 after state local and federal tax
In NY State: $53,038 after state local and federal tax
In NYC: $50,375 after state local and federal tax
In Boston: $55,094 after state local and federal tax
In Pennsylvania: $47,613 after state local and federal tax
In Philadelphia: $45, 5000 after state local and federal tax
How did you come up with those numbers? When you say NY and PA, are you referring to other areas in those states?
The thing to consider at the metro level is that some metros cross state lines and may be adjusted depending on where you are in some metros.
How did you come up with those numbers? When you say NY and PA, are you referring to other areas in those states?
The thing to consider at the metro level is that some metros across state lines and may be adjusted depending on where you are in some metros.
I plugged in the incomes you listed. into a tax calculator and then I added local income tax in Philly and NYC. It's never perfect- as everyone's individual situation varies.
I know of nowhere in MA, CT, or RI that has a localized income tax, IDK about PA outside of Philly.
This isn't looking at deductions/dependents/EITC/write-offs etc. And things like working in Philly but living in the suburbs you still face a wage tax from the city (but it's suspended during the pandemic).
Mill Rate
The mill rate for the 2020 Grand List is 43.88. A mill rate of one mill means that owners of real, personal and motor vehicle property are taxed at a rate of $1 on every $1,000 of assessed taxable property. Therefore, a property assessed at $10,000. will pay a tax of $438.80.
That's a property tax of 4.388%. I'm assuming tax is assessed at 70% of its value. So that'd be a property tax of 3.07% which is just astronomical. I'm asking the Connecticut forum.
Most folks in New Haven rent and this isn't necessarily apples to apples. NYC has a local city income tax. CT taxes are really not that bad - still lower than NYC, yes that includes New Haven too. As noted on the CT forum, assessed value does not equal market rate and the car tax is capped for folks who make below a certain income. The cost of living is also lower than Boston, which is really expensive, with more disposable income per capita.
New Haven's mill rate, which needs to and most importantly will be reduced thanks to growth, certainly hasn't stopped the city's development boom either.
Last edited by norcal2k19; 03-08-2022 at 02:22 PM..
Most folks in New Haven rent and this isn't necessarily apples to apples. NYC has a local city income tax. CT taxes are really not that bad - still lower than NYC, yes that includes New Haven too. As noted on the CT forum, assessed value does not equal market rate and the car tax is capped for folks who make below a certain income. The cost of living is also lower than Boston, which is really expensive, with more disposable income per capita.
New Haven's mill rate certainly hasn't stopped the city's development boom either.
You can't really deny those property taxes are crazy though that'd be like saying NYC/Boston aren't crazy expensive. But yea, most of New Haven rents. As do most folks in NYC and Boston. The question to me is with its low housing cost on paper do middle-class black folks rent in New Haven? I know most do in Boston because it wayy more affordable than homeowning. In New Haven, it looks like it makes more sense to own a SFH. My assumption is most black middle class in Boston are renting or bought 5+ years ago, or already have built-up home equity. I don't know the lay of the land like that. I'm assuming they own and the bulk of them bought when homes were worth 110k. Since it's not a huge growth in the black population. Boston has seen an increase in black young adults but a decrease in families because the city has become more favorable to rent in than to own.
CT NJ and NY are more friendly to those making less than 70/80k than MA is but the higher you go the more it tilts in favor of MA. Boston is certainly very expensive but the difference in property tax is nothing to scoff at. It's very significant because that a lot of money annually. New Haven is developing but the property taxes in CT have caused growth to come in at a trickle.
NYC with its level of expense, massive income tax, transportation costs- just seems ridiculous and it's amazing what a bargain these CT cities are given there in the same MSA/CSA even given their any property tax. CT Taxes seems pretty high for a middle-class family but the home prices seem deflated and thus affordable.
If you're a developer you can eat those taxes and just pass it on to renters albeit New Haven rent isn't exactly cheap (anymore). I could see it going down gentrification row in a significant/foundational way within 10 years.
I also would be curious to see a disposable income study that can support bolded, logically it makes sense but a lot of various rankings always have CT cities as "unaffordable" and it doesn't seem like theres much material evidence of more disposable income. New Haven incomes are about 53% of Bostons ($41, 956) vs. ($79,018) (2019)
I plugged in the incomes you listed. into a tax calculator and then I added local income tax in Philly and NYC. It's never perfect- as everyone's individual situation varies.
I know of nowhere in MA, CT, or RI that has a localized income tax, IDK about PA outside of Philly.
This isn't looking at deductions/dependents/EITC/write-offs etc. And things like working in Philly but living in the suburbs you still face a wage tax from the city (but it's suspended during the pandemic).
I plugged in the incomes you listed. into a tax calculator and then I added local income tax in Philly and NYC. It's never perfect- as everyone's individual situation varies.
I know of nowhere in MA, CT, or RI that has a localized income tax, IDK about PA outside of Philly.
This isn't looking at deductions/dependents/EITC/write-offs etc. And things like working in Philly but living in the suburbs you still face a wage tax from the city (but it's suspended during the pandemic).
The 1939 Sterling Act authorized Philadelphia's wage tax, but a law passed in the 1960s allowed any municipality in the state to levy a tax on earned income of up to 1 percent. Like Philadelphia's wage tax, it can be levied on both residents and outsiders who work in the municipality. Philadelphia's higher wage tax, which can likewise be levied, trumps the local wage taxes; IOW, a person living in a jurisdiction with a local wage tax who works in Philadelphia pays Philadelphia's non-resident wage tax and gets a credit towards the local wage tax where they live. The credit effectively wipes out the worker's resident wage tax in the municipality where they live.
Where someone lives and works in two different municipalities, both of which have local earned income taxes, the tax is split between the two.
To new havens defense much of the black middle class lives in Hamden Ansonia Derby and west haven- I think. And that’s a very different environment in some ways:
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