Quote:
Originally Posted by The Dad Fisherman
your home needs to be assessed at about half a million to hit the $10k level in CT. That certainly isn't poor.
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Also remember, the limit of 10k is for all state and local taxes (not just tax on your home), including car tax you pay to your town (I pay $1,000 a year for a 5 year-old Pathfinder and a 9 year-old minivan) and state income tax, which is around 5%-6% of income. If the total of all those taxes is over 10k, then you are hurt by the cap. But as I posted, there are other things changing that can offset that, especially if you have a couple of kids.