Here’s something you don’t see every day: A town promoting its relatively low taxes via a nationwide press release. And of all places, that city is Greenwich, Connecticut.
In the release, the town compares its mil rate to others just south over the state line in New York.
“Under the Tax Cuts and Jobs Act, the annual state and local tax deductions and property taxes are capped at $10,000, leaving homeowners unable to deduct any amount above that threshold from their income taxes. Due to Greenwich’slow mill rate, the taxes owed will often be lower than many comparable properties in nearby towns with higher mill rates.
“For example, a four-bedroom, four-bath, 2,934 sq. ft. Colonial-style home priced at $1,125,000 will require $8,067 in tax payments in Greenwich. A similar four-bedroom, four-bath, 3,111 sq. ft. Colonial-style home priced at $1,195,000 in Larchmont will require $31,782 in tax payments. While, slightly larger than the Greenwich property, the taxes are almost quadruple. A second example, a four-bedroom, four-bath, 1,608 sq. ft. Colonial Ranch-style home priced at $1,150,000 in Rye will require $16,427 in tax payments. While slightly smaller than the Greenwich home noted above, the taxes are double. In both examples, a significant savings for any buyer, but especially for those looking to purchase their first home.”
Finding an entry level home in Greenwich is no easy proposition. Long seen as the land of hedge fund managers, investment bankers and captains of industry, the town has more than its share of stately mansions on large wooded lots, but while it does have more modest housing, it is expensive.
The town has seen sales of those mansions slow in recent years.
