How Much Can You Save in Taxes by Moving from NYC to Greenwich, CT?

If you’re considering relocating from New York City to Greenwich, CT, the financial benefits go beyond the lifestyle upgrade. Greenwich offers meaningful tax advantages, especially for high-income earners, homeowners, and those with large estates.

And in 2026, that conversation has only gotten louder, as New York’s political climate under Zohran Mamdani has kept higher-tax ideas squarely in the mix. Let’s break down how much you could save by making the move—and why Greenwich’s location makes it even more attractive.

Income Tax Savings: A Major Win for High Earners

New York City residents face both state and local income taxes, which can add up quickly for high earners. By moving to Greenwich, you can eliminate NYC’s local income tax and benefit from Connecticut’s lower top state rate.

• New York State Income Tax: Up to ~10.9%.
• NYC Local Income Tax: Ranges from 3.078% to 3.876%.
• Connecticut State Income Tax: Top rate remains 6.99%, with no local income tax.

Example Savings for a $1 Million Income:

• NYC resident total tax: roughly $140,000+
• Greenwich resident tax: roughly $69,900

Potential Savings: about $70,000 annually in state and local income taxes.

Property Taxes: Still Competitive at the High End

While New York City’s effective property tax rate may seem lower on paper, assessed values and class-based tax treatment often produce substantial bills for luxury properties. Greenwich remains competitive, particularly for higher-value homes, though the town’s recent revaluation has reset assessed values heading into 2026.

• Greenwich Property Taxes: Typically around 1.0% to 1.1% of assessed value.
• NYC Property Taxes: Lower nominal rates on paper, but often higher in practice for luxury properties due to assessment rules.

Example Property Taxes on a $5 Million Home:

• Greenwich: approximately $50,000 to $55,000 annually
• NYC: approximately $70,000 to $110,000 annually, depending on property type

Potential Savings: approximately $20,000 to $60,000 per year, depending on the property and how it is assessed.

Estate and Gift Tax Savings: A Long-Term Advantage

Connecticut continues to offer a much higher estate and gift tax exemption than New York, which can translate into major savings for those with larger estates.

• New York Estate Tax Exemption: approximately $7 million+.
• Connecticut Estate Tax Exemption: approximately $13.5 million+.

If your estate exceeds New York’s exemption threshold, estate tax exposure can rise quickly, while Connecticut’s higher exemption provides substantially more room.

Potential Savings: potentially millions for larger estates.

Sales Tax: Savings on Everyday Purchases

Sales tax in New York City remains meaningfully higher than in Connecticut, which adds up over time, especially for large purchases like luxury goods, vehicles, and home furnishings.

• NYC Sales Tax: 8.875%
• Connecticut Sales Tax: 6.35%

Example Savings on a $100,000 Purchase:

• NYC: $8,875
• Greenwich: $6,350

Potential Savings: $2,525 per $100,000 spent.

Conclusion: Relocation Pays Off

Beyond the appeal of Greenwich’s luxury lifestyle, excellent schools, and coastal charm, the financial incentives of relocating are clear. By moving from NYC to Greenwich, you can save tens of thousands annually—and potentially far more over time—while putting some distance between yourself and a New York tax environment that many expect to become more aggressive, not less.

Whether you’re considering the move for tax savings, lifestyle upgrades, or both, Greenwich offers the best of both worlds. If you’re ready to explore your options, reach out for personalized guidance and insights into the Greenwich real estate market.

One of the biggest advantages of relocating to Greenwich is that it offers all these financial benefits without sacrificing proximity to New York City. Greenwich is still an easy rail commute to Grand Central Terminal, making it an ideal choice for professionals who want to maintain access to the city while enjoying the benefits of suburban living.

Updated April 15, 2026