Connecticut vs New York
Property‑Tax Comparison: Connecticut vs. New York
Intro
According to the U.S. Census Bureau’s 2023 American Community Survey (5‑year estimates), Connecticut and New York have similar median home values but different effective property‑tax rates. Connecticut’s rate is 1.92 %, while New York’s is 1.60 %. The lower rate in New York translates into modestly smaller annual tax bills for comparable home prices.
Side‑by‑Side Metrics
| Metric (2023 ACS) | Connecticut | New York |
|---|---|---|
| Effective property‑tax rate | 1.92 % | 1.60 % |
| Median home value | $343,200 | $403,000 |
| Median annual property tax | $6,575 | $6,450 |
| Tax on a $250,000 home | $4,789 | $4,001 |
| Tax on a $500,000 home | $9,579 | $8,003 |
| Median household income | $93,760 | $84,578 |
Sources: “According to the U.S. Census Bureau’s 2023 American Community Survey (5‑year estimates).”
Which State Has the Lower Tax Burden?
- Winner (lower effective rate): New York
- Rate difference: 0.32 percentage points (approximately 16.46 % lower than Connecticut’s rate)
- Annual tax difference on a $250,000 home: $788 less in New York
- Annual tax difference on a $500,000 home: $1,576 less in New York
The advantage stems directly from New York’s lower effective property‑tax rate (1.60 % vs. 1.92 %). Because the rate is applied to assessed value, the same dollar‑value home incurs a smaller tax bill in New York.
Who Might Benefit Most from This Comparison?
| Audience | Relevance of the Data |
|---|---|
| Current homeowners | Understanding how a change of residence could affect yearly tax expenses. |
| Prospective homebuyers | Estimating post‑purchase costs based on median home values in each state. |
| Retirees | Evaluating tax burden relative to fixed incomes; note that median household income differs between the states. |
| Financial planners | Incorporating property‑tax rates into broader tax‑planning models. |
The comparison is factual and does not consider other tax categories (e.g., income or sales tax) or state‑specific exemptions that could influence individual decisions.
Further Reading
- Detailed information on Connecticut’s property‑tax system: Connecticut property tax
- Detailed information on New York’s property‑tax system: New York property tax
Based on the most recent ACS estimates, the figures presented are averages and medians; actual tax bills may vary depending on local assessment practices, exemptions, and individual property characteristics.
Explore More Comparisons
Discover how property taxes compare across all states in our comprehensive comparison guide.
Data Source
All figures are drawn from the U.S. Census Bureau's 2023 American Community Survey (5‑year estimates). This comprehensive dataset provides reliable, standardized property tax information across all states.