Quote:
Originally Posted by FlyingScot
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
|
Valid point > if your situation is such that you retire and sell the "lake home" and cash in to provide for a comfortable runway > the timing is great right now. However, most camps that I know of have been handed down from generation to generation (no cash out) and it is those that will most likely get pushed to sell by the family members - thus breaking the chain and in all likelihood finding the home demolished to make room for something newer. The circle of life I suppose...