Retire in Danbury

Affordability

Find out how much it costs to live in Danbury.

Cost of Living

Kiplinger Rating:

Least Tax Friendly

State Income Tax:

3-6.7%

Social Security Tax?

Mixed

County + State Sales Tax

6.4%

Property Tax Rate *

1.4%

Property Tax Ranking (County Property Tax rank out of 2,773, higher rank=lower rate) *

695

* 2008-2010

Cost of Living Index (100=average):

144.9

Housing + transportation costs as % of income:

44%

Tax Details

State Sales Tax Breaks for Seniors:

None

Pensions Taxed?

Mixed

Tax burden: % income going to state and local taxes:

12.6%

Inheritance and estate taxes (per Kiplinger):

Connecticut imposes an estate tax on the transfer of estates valued at $2 million or more at a progressive rate starting at 7.2%. The rate rises to a maximum of 12% for an estate valued above $10.1 million. There is no inheritance tax.\n\nConnecticut is one of two states with a gift tax, which applies to real and tangible personal property in Connecticut and intangible personal property anywhere for permanent residents. Only the amount given after January 1, 2005, and over $2 million is taxed, starting at 7.2% of the excess and rising to $748,200 plus 12% of the excess over $10.1 million.

Taxing of other retirement income (per Kiplinger):

Mixed

Property Tax Break for Seniors (per Kiplinger):

Connecticut offers property tax credits to homeowners who are at least 65 years old and meet income restrictions. Income ceilings are $39,500 for married claimants (with a maximum benefit of $1,250) and $32,300 for single claimants (with a maximum benefit of $1,000). Renters under those income ceilings may qualify for a rebate. Municipalities may provide additional tax relief for seniors.

 

For more detailed tax information from Kiplinger, visit www.kiplinger.com/tool/retirement/T055-S001-state-by-state-guide-to-taxes-on-retirees/

Real Estate

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Work Potential

  • Area
  • National Average

5 Largest Companies

  • Western Ct Health Network
  • Boehringer-Ingelheim
  • Danbury Public Schools
  • Cartus
  • GE Commercial Finance

GDP Growth Last 3 Years

12.6%

Income Growth Last 3 Years

9.3%

Employment Growth Last 3 Years

4%

Top Industries Hiring

  • Other services (except public administration)
  • Health care and social assistance
  • Accommodation and food services
  • Educational services
  • Construction

Breakdown Fulltime vs Part Time over 65 (%)

  • Part Time over 65
  • Full Time Over 65

Occupation Breakdown (%)

  • Management, Business, Science & Arts (MBSA)
  • Natural Resources, Contruction & Maintenance (NRCM)
  • Production, Transportation, Materials & Moving (PTMM)
  • Sales & Office (S&O)
  • Service

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