When you want to get out of the city….weighing your options

FAIRFIELD COUNTY CT          Versus        WESTCHESTER COUNTY NY

First weigh the closing costs
Big secret – no mansion tax in Connecticut
__________________________________________
ESTIMATED CLOSING  COSTS*
FAIRFIELD
WESTCHESTER



$1,040
ORIGINATION FEE
$1,040
$50
CREDIT REPORT
$50
$1,500
APPRAISAL (2 IF NECESSARY)
$1,500
$1,200
SETTLEMENT/CLOSING ATTORNEY**
$1,200
OPTIONAL
PERSONAL REPRESENTATION ATTORNEY**
$850
$350
TITLE SEARCH/EXAM
$350
$2,666
OWNER’S TITLE INSURANCE
$8,168
$4,165
LENDER’S TITLE INSURANCE
$1,662
N/A
MORTGAGE TAX
$15,720
N/A
MANSION TAX
$20,000
$350
RECORDING FEES
$400
                             ____________________
$11,121 $50,690
* THESE ESTIMATED CLOSING COSTS ARE SUBJECT TO CHANGE 
DEPENDING ON THE SPECIFIC PROPERTY – FOR EXAMPLE, LOCATION
PROPERTY TYPE, MORTGAGE PRODUCT  AND THE SERVICE PROVIDERS
FOR YOUR TRNASACTION
THE ABOVE ESTIMATED CLOSING COSTS ARE IN ADDITION TO RE-
QUIRED PREPAID ITEMS INCLUDING UP TO 30 DAYS OF INTEREST,
ESCROW DEPOSITS FOR REAL ESTATE TAXES, HAZARD INSURANCE
(IF APPLICABLE) AND THE REQUIRED PAYMENT OF THE FIRST YEAR 
PREMIUM FOR INSURANCES PRIOR TO THE CLOSING. PREPAID 
ITEMS ARE VARIABLE BASED ON THE SPECIFIC PREOPERTY AND 
INTEREST RATE.

** THE SETTLEMENT/CLOSING ATTORNEY REPRESENTS THE LENDER
IN CONNECTICUT THE SETTLEMENT/C;OSING ATTORNEY FREQUENTLY
REPRESENTS THE BOROWER AND THE LENDER. IN NY THE SETTELMENT 
CLOSING ATTORNEY WILL NOT REPRESENT THE BORROWER. RATHER
THE BORROWER WILL HAVE SEPARATE PERSONAL REPRESENTATION.
______________________________________________________________

TIP #2 – TAXES ARE MUCH LOWER IN FAIRFIELD COUNTY CT VERSUS WESTCHESTER COUNTY NY – MILL RATES VARY IN CT FROM 8.5+ TO 9+.

 IN WESTCHESTER COUNTY THEY VARY BETWEEN ROUGHLY 17 AND 19. HUGE

MILL RATES ARE CALCULATED BY 1000’S IN VALUE OF APPRAISAL – SO FOR THE EXAMPLE BELOW
299 ROUND HILL RD – ASSESSMENT  IS $3,295,950 (WHICH IS BASED ON CURRENT MARKET VALUE – TAKING IN MANY VARIABLES –  AND IS DONE BY AN INDEPENDENT APPRAISER) SO THE MILL RATE IS MULTIPLIED BY THE ASSESSMENT IN 1000’S.
Mill rates are based on the municipality debt which is divided among property owners – and let’s face it – debt is not going away any time soon.




___________________________________________


GREENWICH TAXES VERSUS SCARSDALE


GREENWICH – 299 ROUND HILL RD
7416 SQUARE FEET
2.62 ACRES
CURRENT LIST PRICE – $5,800,000
TAXES
$28,312


SCARSDALE, NY – 2 NORMANDY LANE

5000 SQUARE FEET
2.62 ACRES
CURRENT LIST PRICE $5,395,000
TAXES – $64,950









I

 CT




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