This analysis finds that large differences in property taxes among wealthy suburbs in Connecticut and New York give Connecticut much more room to raise income taxes on the wealthy without exceeding overall New York state tax rates. The study found that property taxes in wealthy New York suburbs on homes for sale over $3 million dollars ranged from 69% to 232% higher than in Greenwich, and from 36% to 115% higher than in New Canaan. The study found that for someone with $1.7 million in taxable income in Greenwich, the difference in property taxes from Purchase, New York can be the equivalent of 2% in additional income tax.
In addition, Connecticut income and sales taxes are competitive with New York and New Jersey rates.
