Quote:
Originally Posted by 4 for Boating
That must be a lot of insurance... Between an increased tax rate AND the reevaluation of waterfront land (nothing to do with the homes themselves but the lots/land) - some effective tax rates went up over 15%. In one year! Sort of ridiculous as I understand Y-O-Y increases but there should be an % cap each year.
With that type of tax pressure for what some use for only a few summer months > I suspect we will continue to see older family camps sold off - knocked down and larger homes costing in the millions continue. Sort of a rough cycle.
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I don't have enough info to opine on local spending, and I do not like conversions to McMansions. But if someone's tax bill is up over 15% it's because waterfront values are up relative in others, and they've made a boatload on their investment.
The pressure to sell in these cases works two ways. As you note, taxes can be a shock. But also, the camp is now a huge financial asset, enough to make a big difference in many owners' retirement lifestyles
It would be interesting to know what has happened to median and lower end tax bills