Thursday, January 17, 2019

The Ripple Effect of the Government Shutdown on Real Estate by Barbara Pearce

Plenty has been written about the downsides of the current shutdown of the Federal government, but sometimes people get confused about where there are delays or closures, and where business is still being done.  However, I’d like to begin with the big picture:  Uncertainty is bad for business.  If costs go down or stay the same, that’s great for us.  If costs, or interest rates, rise, we can also budget for that.  What people really don’t seem to like to do is guess about the future.  Therefore, politics impinges on real estate sales whenever buyers and sellers are unsure what will happen in the near to medium term.  Interest rate increases are a good example.  When they start to go up, it often spurs sales, because buyers can see that costs are rising, and they act in order to limit those increases. 

Lost wages probably have the greatest direct effect.  Between the worry and the reality, people have enough to think about, and real estate can, and sometimes must, go on the back burner.  In the case of some nonessential and contract workers, the loss of wages may be permanent, in that they will never be paid for the weeks of the shutdown.  Even those who will eventually be paid may clearly have cash flow issues.

Now, let’s turn to ongoing transactions.  Fannie Mae and Freddie Mac are private entities, so they are still doing business, as is the VA, but USDA loans are out for the present. FHA loans are expected to take longer.  But, if you need information or documents from Social Security or the IRS, regardless of loan type, get in line and prepare to wait.  Flood insurance is apparently being processed normally.

For rental properties, Section 8 is a real dilemma.  Each office supposedly will run out of money for vouchers at different times, but all will run out eventually.  Landlords can, I guess, evict tenants, but their replacements won’t have vouchers either, and landlords will still have to plow and heat the premises, among other things.  Cash flow may become a big problem.  Regular tenants may not be able to pay, and that’s even trickier, since they won’t be getting retroactive vouchers when the shutdown is over, so landlords may have to make tough decisions. 

This is not a complete list, or a certain one, but food for thought.
 

Monday, January 7, 2019

Connecticut Property Taxes In Every Town: Who Pays The Most? (Article is from patch.com)


By Rich Scinto, CT Patch Staff Click here to read on PATCH.COM

Everyone knows that Connecticut's real estate taxes are among the highest in the nation, but how much you pay can vary widely depending on where you live.  Real estate taxes are the primary revenue source for Connecticut's towns and cities.

One mill is equal to one dollar of tax per $1,000 of assessed property value. In Connecticut municipalities assess property at 70 percent of its fair market value, according to the Office of Legislative Research. Property is revalued at least once every five years.

Wealthy communities like Darien can have a lower mill rate due to higher property values. The median value of owner-occupied housing units in the town was $1.24 million between 2012 and 2016, according to the U.S. Census.

Towns can also keep the mill rate down by cutting expenses or growing the grand list.

Here are the municipalities with the highest mill rates:
  1. Hartford 74.29
  2. Waterbury 60.21
  3. Bridgeport 54.37
  4. New Britain 50.50
  5. Windham, Special Service Dist. #2 48.74
  6. Norwich, City of (Paid Fire) (CCD) 48.39
  7. Naugatuck 48.35
  8. Hamden 47.96
  9. East Hartford 47.66
  10. Torrington 46.17

Below are the fiscal year 2019 mill rates according to the state Office of Policy Management. Some municipalities have separate fire and other taxes. Motor vehicle taxes are the same as the regular rate unless otherwise noted.:

Municipality
Mill Rate
Motor Vehicle Mill Rate
Hartford
74.29
45.00
Waterbury
60.21
45.00
Bridgeport
54.37
45.00
New Britain
50.50
45.00
Windham, Special Service Dist. #2
48.74
Norwich, City of (Paid Fire) (CCD)
48.39
45.00
Naugatuck
48.35
45.00
Hamden
47.96
45.00
East Hartford
47.66
45.00
Torrington
46.17
45.00
Middletown + City Fire
43.70
New London
43.17
New Haven
42.98
Norwich City (Vol Fire)(Town)(TCD)
41.46
Meriden
41.04
Norwich
41.01
West Hartford
41.00
Wethersfield
40.78
Stratford
39.90
Woodbridge
39.83
Plymouth
39.69
Vernon
39.63
Scotland
39.43
32.75
Derby
39.37
Bolton
39.00
Granby
38.69
Windham 1st Taxing District
38.55
Newington
38.50
South Windsor
37.67
Simsbury + Fire District
37.59
Bloomfield
37.52
Hebron
37.44
Ansonia
37.32
Bethany
36.90
Bristol
36.88
Marlborough
36.52
Durham
36.50
Simsbury
36.42
West Haven
36.26
37.00
Glastonbury
36.00
Seymour
36.00
Beacon Falls
35.90
Manchester (Town)
35.81
Manchester Eighth District Base
35.81
Thomaston
35.79
Monroe
35.24
Tolland
35.00
Middletown
34.80
Ashford
34.767
Middlefield
34.49
Ledyard
34.29
Stafford
34.26
Newtown
34.24
Trumbull
34.02
Andover
33.95
East Windsor
33.90
Plainville
33.84
Portland
33.81
Watertown
33.59
Winchester
33.54
Enfield
33.40
North Branford
33.39
Sprague
33.25
East Granby
33.00
Windsor
32.96
Bethel
32.87
32.00
Cheshire
32.62
Middlebury
32.51
Berlin
32.50
Burlington
32.50
Chaplin
32.50
East Haven
32.45
Rocky Hill
32.40
Colchester
32.28
Coventry
32.20
Salem
32.20
Wolcott
32.20
Orange
32.00
Sterling
31.94
Montville
31.73
Redding
31.72
Ellington
31.70
Haddam
31.69
Easton
31.38
Avon
31.35
East Hampton
31.32
Guilford
31.28
North Haven
31.18
Union
31.10
Prospect
31.00
Colebrook
30.90
Mansfield
30.88
Canton
30.70
New Hartford
30.624
New Fairfield
30.58
Clinton
30.54
Southington
30.48
Cromwell
30.33
Willington
30.09
Barkhamsted
29.86
East Haddam
29.66
North Canaan + Fire District
29.60
Deep River
29.42
Lebanon
29.40
Weston
29.39
Columbia
29.33
Suffield
29.32
Southbury
29.00
Voluntown
28.92
Branford
28.64
Wallingford
28.64
Hampton
28.50
Brookfield
28.34
North Stonington
28.20
Wilton
28.1875
New Milford
28.17
Brooklyn
28.09
Madison
28.04
Harwinton
28.00
Plainfield
27.96
Griswold
27.95
Ridgefield
27.78
Killingly
27.76
Thompson
27.75
Milford
27.74
Litchfield
27.70
Danbury
27.60
Bozrah
27.50
North Canaan
27.50
Killingworth
27.47
Waterford
27.42
Somers
27.37
East Lyme
27.35
Farmington
27.18
Chester
27.11
Pomfret + Fire District
26.90
Norwalk 4th - Sewered Main Area
26.662
Windsor Locks
26.66
Norwalk 1st - Downtown
26.605
Norwalk 2nd - South
26.605
Norwalk 3rd - East
26.605
Woodbury
26.58
Morris
26.57
Hartland
26.50
Fairfield
26.36
Canterbury
26.20
Eastford
26.11
Preston
26.03
Norwalk 5th - No Garbage Main Area
25.930
Norwalk 4th No Garbage
25.930
Pomfret
25.90
Norwalk 1st No Garbage
25.873
Norwalk 2nd No Garbage
25.873
Norwalk 3rd No Garbage
25.873
Franklin
25.72
Stamford "A"
25.53
Stamford Pprop Other than MV
25.53
Stamford "B"
25.08
Stamford "CS"
24.82
Woodstock
24.50
Stamford "C"
24.45
Westbrook
24.37
Groton, Town of
24.17
Bethlehem
24.15
Canaan
23.90
Norfolk
23.57
Oxford
23.05
Stonington
22.68
Lisbon
22.50
Shelton
22.15
Old Lyme
21.91
Essex
21.85
Norwalk 6th - Rowayton
21.194
Putnam
20.84
Sherman
20.33
Goshen
19.60
Old Saybrook
19.60
Kent
18.61
Lyme
18.60
Bridgewater
17.20
New Canaan
16.96
Westport
16.86
Cornwall
16.62
Darien
16.08
Roxbury
15.85
Sharon
14.70
Warren
14.25
Washington
14.25
West Haven, Allingtown (Third) only
13.06
8.00
West Haven, First Center only
11.99
8.00
Greenwich
11.369
Salisbury
11.30
West Haven, West Shore (2d) only
10.129
8.00
Putnam - Special Service Dist.
9.60
Middletown, City Fire
8.90
Enfield Thompsonville FD #2
6.73
Manchester - Special
6.06
Groton, Poquonock Bridge Fire
5.97
Manchester South Manchester Fire District
5.10
Middletown, South Fire
4.983
Borough of Danielson
4.95
Manchester 8th Fire + Sewer
4.80
Groton, City of Groton
4.58
Groton, W. Pleasant Valley Fire
4.48
Goshen - Woodridge Lake Sewer District
4.30
Woodstock - Lake Bunggee Tax Dist.
4.24
New Britain - Downtown
3.80
Groton, Long Point Assoc.
3.71
Enfield Fire District #1
3.60
Groton - Center Fire
3.50
Borough of Fenwick (Old Saybrook)
3.4398
Killingly Attawaugan FD
3.22
Enfield, No. Thompsonville Fire Dist. #4
3.15
Borough of Jewett City (Griswold)
3.09
Bridgeport Downtown Special Service District
3.00
Enfield Shaker Pines Fire Dist #5
3.00
Windsor, Wilson Fire District
3.00
Plainfield Central Village F.D.
2.95
Groton, Old Mystic Fire
2.90
Stonington Old Mystic FD #366
2.90
Borough of Stonington #372
2.90
Enfield, Hazardville Fire Dist.#3
2.87
Bloomfield, Blue Hills FD
2.50
Cromwell Fire District
2.50
New Haven + Chapel West
2.50
Killingly Williamsville FD
2.45
New Hartford Pine Meadow #3
2.44
Killingly So. Killingly FD
2.40
Stonington Latimer Point
2.31
Stonington Lords Point Assoc.
2.29
Stafford, Special Service District
2.28
Groton, Mystic Fire
2.24
Morris - Deer Island Assoc.
2.24
North Canaan Fire District
2.10
Plainfield Moosup FD
2.10
Killingly E. Killiingly FD
2.00
Sterling, Fire District
2.00
Windsor, Windsor Fire District
2.00
Borough of Litchfield
2.00
New Haven+Town Green (FKA Downtown)
1.99
New Haven + Whalley Ave. WASS
1.97
Killingly Dayville FD
1.90
Putnam East Putnam District
1.80
Stonington Mystic FD #239
1.76
Brooklyn - East Brooklyn FD
1.75
Weston - Georgetown FD
1.7295
Berlin -Worthington FD
1.70
New Hartford Village FD #1
1.70
Barkhamsted Fire District
1.66
Redding Georgetown FD
1.6556
Stonington Mason's Island
1.63
Wilton - Georgetown FD
1.5885
Middletown, Westfield Fire
1.545
Borough of Bantam (Litchfield)
1.50
East Windsor - Warehouse Point FD
1.40
New London - City Center District
1.40
Groton, Noank Fire
1.39
New Haven + Grand Ave GAVA
1.25
Simsbury - Fire District
1.17
Stonington Quiambaug FD #378
1.15
Trumbull Nichols FD
1.15
Berlin - Kensington FD
1.10
Bloomfield, Center FD
1.10
Old Saybrook - Knollwood Beach Assoc.
1.00
Pomfret Fire District
1.00
Putnam West Putnam District
1.00
Borough of Newtown
0.95
Redding Fire District 1
0.84769
Trumbull Long Hill FD
0.846
Stonington Wequetequock FD #379
0.83
Stonington FD #265
0.65
New Canaan Sewer
0.648
Killingly District 5 Orient Heights
0.63
Killingly Dyer Manor
0.50
Stonington Wamphassuk Point Assoc. - Fire District
0.484
Greenwich - Sewer District
0.463
Groton, Mumford Cove
0.34
Groton Sewer District
0.27
Greenwich - Sewer Improvement
0.039
Stonington Pawcatuck FD #264
0.00158
Norwalk Motor Vehicle Rate
30.499
Stamford Motor Vehicles
27.25