In an ongoing analysis of of the heavy load of property taxes in the metro area, we can all appreciate that while neighboring towns have effective limits on the value of a home given exorbitant taxes, Greenwich can attract:
- purchasers reluctant to commit to a heavy and ongoing tax load
- investors who want home appreciation without effective tax burden caps on value
- the well to do who want to live in a community with ample estates
- the young who would rather commit cash flow to pay down debt and build equity than pay taxes
- sellers who want to attract a greater proportion of the population who can afford to buy into the community
- workers who favor a reduced tax burden in the event of income interruption
- parents interested in saving for education
- retirees on fixed incomes
- residents seeking a reasonable balance among lifestyle, education, and taxes
This week I share a table of single family, condominium and cooperative sales in Greenwich, Cos Cob, Riverside and Old Greenwich reported by the Greenwich MLS within the prior twelve months and the average property taxes reported for those properties by price range and neighborhood. Not all price ranges had a sale within the prior twelve months. While the numbers are certainly higher than most parts of the country, so are the sales prices. Averages may be skewed by a limited number of sales in any price range or neighborhood and some outliers that happened to sell.
New York residents know the value of this table. I look forward to your call!
Mary-Stuart G Freydberg
20 years professional real estate advice