GREENWICH, Conn., April 17, 2018 /PRNewswire/ --Greenwich has long been one of the most desirable suburbs for New Yorkers to escape city life. Though viewed as a destination afforded only by hedge fund managers and celebrities, new tax reforms have made Greenwich more affordable than neighboring towns. Comparing taxes to nearby towns such as Rye or Scarsdale, residential home tax bills are double and often triple those of comparable Greenwich homes. As such, value conscious millennials are flocking to the town which already touts top-rated public schools, beaches, hiking trails and a bustling downtown filled with restaurants, shopping and art galleries, all in close proximity to New York City.
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's low 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.
While the tax savings currently available in Greenwich are a driving factor for millennial home buyers, it is the city's many amenities which have made it such a desirable destination.
First, Greenwich has some of the country's top public schools. The Connecticut State Department of Education ranked Greenwich Public Schools as Connecticut's fourth best school district based on numerous academic factors, attendance and graduation rates. Eight Greenwich elementary schools were named Schools of Distinction and six were recognized for being in Connecticut's top 10 percent for high levels of student academic growth.
Second, often termed a mini-metropolis, Greenwich offers the recreation, culture and diversity typically found only in major cities. The town is comprised of approximately 62,000 residents, of which 14,515 were born outside of the U.S. Additionally, of households, 28.8 percent speak another language in addition to English. The Bruce Museum, Greenwich Symphony Orchestra and Greenwich Library all provide programming to satisfy the intellectual curiosities of the growing community. Greenwich has over 150 restaurants including Back 40 Kitchen, recently named one of the top 100 restaurants by Food & Wine, and retail shopping ranging from iconic brand names such as Rag & Bone and Vineyard Vines to local shops such as Richards or Betteridge.
Finally, with 28 miles of waterfront, residents have access to Great Captain Island (just off Greenwich's coast, accessible by boat) and the beautiful beaches that edge the uninhabited peninsula of Tod's Point. Or, they can explore the Babcock Preserve which offers 300 sprawling acres of woodlands, an extensive network of trails and a wide variety of plants and animals. In addition, Greenwich Audubon Center (1942) features 285 acres of land and is home to many native plant and animal species. At the center, residents can explore miles of trails, as well as participate in conservation events and nature education programs.
*Data provided by Sabine H. Schoenberg, PrimeSitesCT.
More about Greenwich, CT: Located on Long Island Sound, Greenwich, CT is just 30 miles east of New York City and recognized as a premier residential community and successful economic town. Leading industries include financial services, real estate, retail, home construction and home renovation. Additionally, Greenwich prides itself on fiscal responsibility as evidenced by its adherence to a "pay-as-you-go" philosophy. Thanks to this excellent fiscal management, Greenwich property tax rates are among the lowest in the state. Education is also a valued sector. The public education system is made up of 8,900 students at 11 elementary schools, three middle schools and one high school. In whole, with an approximate population of 62,000, the town has 8,000 acres of protected land, including 32 miles of coastline, 20 parks, four beaches and a municipal golf course.