The Lake is considered public property. The high water mark is the defining line between private lake front property and public property. Therefore all the areas now underwater are available to the public even after the water recedes. How will this impact on lake front property owners? At low lake levels
you will have more dry public land at your shore.
I assume that the high water mark is for a quiet lake with no waves or wakes. If the wave and wake action do contribute to the high water mark then it is no wonder lake front property owners are upset. Erosion aside, the higher the high water mark the less private property they own. If the land is at the high water mark it becomes public property.
This only goes in one direction, there is no provision for low water marks and private vs public property.
Some gently sloped private beaches that are now under water will have a public area of beach when the lake goes down a foot or more. Imagine the fun property owners will have with that.
Higher water means more public lake and property. Is this how it works?
Could a landowner argue that less private land is grounds for a real estate tax abatement or adjustment?