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To be fair, no one could have seen the tsunami that came to our country in March. Maybe we should have because many of the signs were there. We just ignored them. Jay
Quote:
Originally Posted by EmiSky
As my niece likes to say, who would have thunk it!
If Wuhan man foregos the Halloween special for dinner that fateful night maybe the CT real esate market is struggling or completely dead right now. Who knows. We wouldn't be having these converstions.
This and the real estate market thread would be dead and buried in the annals of City Data history.
My impression was that Boston's sky-rocketing prices have been due to its ascendance as a tech hub (moreso than before). It has always had the universities and decent R&D companies, but the last 10 years have seen an explosion of biotech and software development in the Boston area.
Houses on the shoreline in CT are not typically investment properties, in my experience. People buy them to live there, often with a long-term stay in mind.
That's been true for a long time. There was a recent bump after the interest rate cut. In my neighborhood, the tech jobs are not driving the prices directly. Indirectly, it puts pressure on the market, for sure, but other wages are high. For example, BPS teachers hit the top on the payscale in 9 years - that's $100k/year. That's much faster than most towns or cities in CT get to the top and more high pay than anyplace outside FF county. Also property taxes are MUCH lower.
That's been true for a long time. There was a recent bump after the interest rate cut. In my neighborhood, the tech jobs are not driving the prices directly. Indirectly, it puts pressure on the market, for sure, but other wages are high. For example, BPS teachers hit the top on the payscale in 9 years - that's $100k/year. That's much faster than most towns or cities in CT get to the top and more high pay than anyplace outside FF county. Also property taxes are MUCH lower.
Here we go again. I have compared taxes on comparable houses in comparable towns in Connecticut and Massachusetts and found there is not much of a difference at all. Most towns limit their tax increases to the cost of living so taxes have not risen that much. Jay
Here we go again. I have compared taxes on comparable houses in comparable towns in Connecticut and Massachusetts and found there is not much of a difference at all. Most towns limit their tax increases to the cost of living so taxes have not risen that much. Jay
The city of Boston in particular has very low taxes. The mill rate is 10.4 and there is a $2900 residential exemption. My property tax last year on a $500k house was $1200. My property tax in Madison on a much less expensive house will be over $5k.
As for the rest of the surrounding towns, most have mil rates below 15 without residential exemptions.
The city of Boston in particular has very low taxes. The mill rate is 10.4 and there is a $2900 residential exemption. My property tax last year on a $500k house was $1200. My property tax in Madison on a much less expensive house will be over $5k.
As for the rest of the surrounding towns, most have mil rates below 15 without residential exemptions.
The mill rate is only one part of the equation. The property’s assessment is the other part of it. It is best to go by the actual taxes you pay rather than comparing mill rates.
I would also point out that in Madison you are getting great schools, wonderful parks (The Surf Club is like belonging to a private beach club) and a less hectic lifestyle. In Boston you are one of 4.3 million people fighting for space or vying for entrance into quality private schools. That alone is worth more than $4,000 to me. If it’s not to you, then you should stay in or go back to Boston. Jay
The mill rate is only one part of the equation. The property’s assessment is the other part of it. It is best to go by the actual taxes you pay rather than comparing mill rates.
I would also point out that in Madison you are getting great schools, wonderful parks (The Surf Club is like belonging to a private beach club) and a less hectic lifestyle. In Boston you are one of 4.3 million people fighting for space or vying for entrance into quality private schools. That alone is worth more than $4,000 to me. If it’s not to you, then you should stay in or go back to Boston. Jay
That response felt a little rude. Not sure if you meant it that way, but I'll assume good intention and chalk it up to internet. I'm obvious OK with what I am getting for my tax dollars and I'm happy to be moving back. I'm happier to be paying Madison taxes than Guilford taxes, though. I'm excited about the Surf Club and the larger house for less money (even with higher taxes.) That doesn't mean I don't see the pros and cons, but it's comparing apples and oranges. Boston has GREAT parks, pro sports, public transit, Boston Latin, public transportation, and diversity. Both places are awesome in different ways.
My response regarding taxes was in regards to the increasing housing prices in Boston itself. Even compared to surrounding communities, Boston has very low taxes. That's part of the reason why home prices here are high as compared to other towns. If you look at prices of houses in my neighborhood compared to Dedham or Milton, you would expect to pay much more because of suburbs schools, etc. It's actually cheaper to buy in Dedham because the taxes are more, but the payments end up being more. I know because I priced it out several times.
I have looked at taxes on LOTS of properties in both MA and CT in the last few years. Overall, in eastern MA, taxes are less given equally valued homes. Sharon is the exception - and if you look at housing prices in Sharon compared to surrounding town, they are less because of it. Sharon has a superb school system funded by those taxes. Western/Central MA and CT are comparable. The exception is urban areas where MA small cities are much, much less.
That response felt a little rude. Not sure if you meant it that way, but I'll assume good intention and chalk it up to internet. I'm obvious OK with what I am getting for my tax dollars and I'm happy to be moving back. I'm happier to be paying Madison taxes than Guilford taxes, though. I'm excited about the Surf Club and the larger house for less money (even with higher taxes.) That doesn't mean I don't see the pros and cons, but it's comparing apples and oranges. Boston has GREAT parks, pro sports, public transit, Boston Latin, public transportation, and diversity. Both places are awesome in different ways.
My response regarding taxes was in regards to the increasing housing prices in Boston itself. Even compared to surrounding communities, Boston has very low taxes. That's part of the reason why home prices here are high as compared to other towns. If you look at prices of houses in my neighborhood compared to Dedham or Milton, you would expect to pay much more because of suburbs schools, etc. It's actually cheaper to buy in Dedham because the taxes are more, but the payments end up being more. I know because I priced it out several times.
I have looked at taxes on LOTS of properties in both MA and CT in the last few years. Overall, in eastern MA, taxes are less given equally valued homes. Sharon is the exception - and if you look at housing prices in Sharon compared to surrounding town, they are less because of it. Sharon has a superb school system funded by those taxes. Western/Central MA and CT are comparable. The exception is urban areas where MA small cities are much, much less.
I am sorry you felt my response was rude but we get this claim here often and I’ve had to correct people a number of times. As you can understand comparing properties and their taxes in different states can be difficult. There are so many variables and finding comparable towns in each state is hard.
I do not think you can compare homes in Boston to Connecticut suburbs. To my knowledge there are no single family homes in Boston that are free standing on larger lots (over 5,000 square feet). I realize Boston has great parks and amenities. I did not say otherwise but you must share those parks with 695,000 other residents so it’s not quite the same as The Surf Club which you share with 18,000. As for schools, I agree Boston Latin is an excellent public school but it is VERY competitive to get in. They only accept about 20% of those that apply to it. It only accepts the highest performing students so if your kids are only B students, they are out of luck. It’s the normal schools that are questionable at best while in Madison every kid can go to Daniel Hand High School which is an excellent school.
I’m glad you mentioned Milton though. My wife has family there and it does appear to be a nice town. From our family’s experience I know that the schools are good so let’s compare the taxes on similar homes there and to Madison. Milton is very expensive so there are not a lot of homes under $500,000. The one I did find was small (1,200 square feet) and on a small lot (8200 square feet). The taxes on that home is $6,088.
The closest comparable home I could find in Madison is larger (1,998 square feet) but has a similar sized lot (8200 square feet). The price however is much lower at only $275,000. The taxes on it are $5,670.
I agree that Madison does have high taxes than other towns so I also looked at similar sized homes in Branford, a town with a larger tax base, good schools but lower taxes. A similar sized home (1,300 square feet) on a larger lot goes for $319,900. The taxes on it are $4,805. Links to the homes above are below.
As you can see by the above, the taxes are actually lower here in Connecticut comparing comparable homes in comparable towns you mentioned. I realize that there are a lot of variables but when you compare similar homes it tells a different story. Jay
So, I think your argument is that since houses cost more money in the area Boston compared to CT, the tax rate doesn't matter - only the total tax you pay?
I can follow that logic and I think it's an interesting way of looking that situation. It's not without merit, but I don't agree that it means taxes are lower. Housing costs more, but the tax rates are lower. Taxes as a percentage of your housing cost are less. That's the metric that matters more to me if I'm deciding where taxes are more. I agree it's very difficult to compare similar house in these markets. That Milton house was $200k more than the Madison house. Fairfield is probably a better comp to Milton. Here's a similar house
You say, "you have to share all that amenities with x number of people" as if that's a downside. For some, it sure it, but for many others it's a draw. They would rather share 1000 amenities with a 100k people than 100 amenities with 10000 people. Clearly lots of people are willing to sacrifice size of house and lot for access to a major city and all it offers. Hence, the prices.
All that being said, even with higher tax rates, housing is cheaper in most of CT. That's indisputable. Overall, cost of living is less. If a person can make the same money in CT vs Boston, your $$ will get you further in CT. Even with a small pay cut, my expenses are dropping.
So, I think your argument is that since houses cost more money in the area Boston compared to CT, the tax rate doesn't matter - only the total tax you pay?
I can follow that logic and I think it's an interesting way of looking that situation. It's not without merit, but I don't agree that it means taxes are lower. Housing costs more, but the tax rates are lower. Taxes as a percentage of your housing cost are less. That's the metric that matters more to me if I'm deciding where taxes are more. I agree it's very difficult to compare similar house in these markets. That Milton house was $200k more than the Madison house. Fairfield is probably a better comp to Milton. Here's a similar house
You say, "you have to share all that amenities with x number of people" as if that's a downside. For some, it sure it, but for many others it's a draw. They would rather share 1000 amenities with a 100k people than 100 amenities with 10000 people. Clearly lots of people are willing to sacrifice size of house and lot for access to a major city and all it offers. Hence, the prices.
All that being said, even with higher tax rates, housing is cheaper in most of CT. That's indisputable. Overall, cost of living is less. If a person can make the same money in CT vs Boston, your $$ will get you further in CT. Even with a small pay cut, my expenses are dropping.
What? You want to pay more for a similar home and more in taxes so you are paying a lower percentage in taxes??? That makes no sense. Why not pay a lower price for a similar home AND pay lower taxes as well? Seems like a win/win to me. Of course in Milton you have access to the massive employment opportunities in the greater Boston area but that is a BIG premium. It’s up to you if it’s worth it. To me it’s not.
If you really want to pay a lower percentage of taxes compared to the price of a home, then I suggest you check out Greenwich. Here’s a similar sized home there for $558,000. The taxes are $4,167.
The house you picked in Fairfield is a waterfront which is why the taxes are so high. This home is a better comparison and it’s taxes are $5,802. Still lower than Milton. Jay
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.
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I have compared taxes on comparable houses in comparable towns in Connecticut and Massachusetts and found there is not much of a difference at all. Most towns limit their tax increases to the cost of living so taxes have not risen that much. Jay
