That’s the headline on a CNN story posted yesterday to its website.
The piece — about the effect of the new tax law on high property tax states like Connecticut — was illustrated by a stock photo that seems to show Westport.
Whether that’s our town or not, there’s no denying that residents here have been hit hard — along with our counterparts in places like New York, New Jersey and Illinois.
The CNN story concludes with this assessment from a local realtor:
While many towns in Connecticut also have relatively high property taxes, some towns further up the Long Island Sound — like Westport or Fairfield — have lower bills than Westchester and are still a commutable distance from Manhattan.
“In Westchester County — towns like Larchmont, Rye, Mamaroneck — the taxes are crazy high,” says Mary Ellen Gallagher, a real estate agent and partner of Compass Westport Team KMS Partners in Connecticut.
“Younger people can’t afford those taxes and are looking [in Connecticut] where you get more house and pay less taxes, but you’re further from New York.”
She says for many luxury buyers, taxes don’t always play into their decision to buy a new home, but can be a deterrent for those looking to move up to a larger and pricier home.
“I think it is hurting the luxury market,” says Gallagher. “Because people aren’t trading up.”
(Click here for the full CNN story. Hat tip: Seth Van Beever.)