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Originally Posted by hockeypuck
BlackCatIslander, That is an interesting way to look at tax burden. Here in Connecticut my number comes out to 2.8% of value. Yes, we have all the services etc. but the same thing is happening here as around the lake. The older homes along the shore (Long Island Sound) that started out as summer homes and were passed down to future generations have been upgraded to year round, and are now in the million(s) dollar range. $28,000 on a million dollar home. This is fne if you are a millionaire, but many are not. The result is that many owners are real estate rich and cash poor. They are fortunate homeowners who inherited something nice, but can no longer afford to stay, so they sell for big bucks and move. The new owners ARE cash rich and it is changing the demographics of our town and creating a larger gap in the community between the haves and the have not's. In addition in CT we have a sales tax and an income tax and a high gas tax.. When the income tax came in, the sales and realestate taxes went down, but they are creeping up again. I can see the same senerio around the lake. Don't know what the answer is.
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When my parents retired, they lived in our family's summer cottege in Madison, CT, a place that had been converted to year round occupancy back in the mid 1960's. With all of the changes that took place in that town and the demographic shift - more PYS (Pretentious Yuppie Scumbags)from New York moving in - they could no longer afford to live there as their tax burden increased fourfold over a period of three years. They were forced into selling our summer cottage, a place that had been in our family for over 60 years, a place my grandfather built. As you stated, "real estate rich, cash poor."
They now live up here in Gilford, having paid for their new place with the cash they realized from the sale. They miss the old place, as do we all.
My fear is that we might see a repeat of that happening here, sometime in the future.