If it comes down to taxes, the numbers speak for themselves — and they speak loudly in favor of Greenwich over its cross-border counterparts.
Yearly property tax bills differ by nearly $30,000 between comparable homes in Greenwich and the Westchester County, N.Y., communities of Rye and Scarsdale, per an analysis published by Greenwich’s Centric Property Group, and the new federal tax law is highlighting the difference.
“Prior to tax reform, buyers could justify living in Westchester because of the tax write-offs,” said Centric’s Jeffrey Jackson. “Now, if you’re thinking completely mathematically, it makes sense to come here.”
By the end of January, Centric was averaging four or five calls weekly from Westchester residents considering moving to Greenwich, Jackson said.
Under the Tax Cuts and Jobs Act, the annual state and local tax deduction, known as SALT, is capped at $10,000, leaving homeowners to pay property taxes above that threshold. The bill also limited or eliminated many itemized deductions previously allowed, such as for mortgage interest.
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