What a HUGE difference in property taxes

[ClosetExtrovert]

Between lakefront and across the street from the lake.
I don't think I'll be living lakefront.
Bummer.
The island properties seem like fun but I would imagine some of the island dwellers return in the spring and find all sorts of expensive suprises. Is that true?

[songkrai]

Many decades ago they couldn't give away the islands. Well, not really. But few wanted the hassle. Small islands I mean. Bear Island always had a community and even had it's own Post Office at one time. And a hotel.

There are more then a few who have owned lakefront for decades then sold and built on back land or off lake.

Some fail to prepare for the next generation. One house many/some children, spouses of children, grand children etc.

Some get tired of paying for an expensive boat that is there only for show.

Some older long time - just don't wish to pay high taxes just for a view of lake.

Some just call it quits and move to the Carolinas, Georgia, or Florida.

[CateP]

We were looking at some dream homes for sale on Mark Island, but it wasn't so dreamy when we saw that taxes were $32,000 year.

[tis]

Originally Posted by CateP

We were looking at some dream homes for sale on Mark Island, but it wasn't so dreamy when we saw that taxes were $32,000 year.

Are you sure about that? THat is hard to believe.

[Rusty]

Originally Posted by tis

Are you sure about that? THat is hard to believe.

Why "is it hard to believe"?

I'm not saying that you are wrong, I am just wondering why you said that.

[tis]

That just seems like an awful lot for taxes on an island. That is fairly high for mainland although I know there are lots that pay a lot more than that.

[gf2020]

Must be a typo, maybe $3200.

I want to know why the tax rate is so much higher in Belmont, Laconia and Gilford compared to say Alton and Meredith?

All the communities have a large number of seasonal residences and a large number of expensive homes. Laconia has the additional benefit of some commercial base as well. There is not a lot of rhyme or reason to it.


2008 Full Value Tax Rate (per $1000 of value)

Belmont $19.55
Laconia $16.76
Gilford $14.62
Alton $11.08
Meredith $11.44

[upthesaukee]

Tax rate is just part of the equation.

It is really a question as to what is the operating budget for our municipality, what are our properties valued at, and now let's do the math and voila, we have our tax rate.

Look at the size of the police departments, fire departments, schools, etc, and you may find an answer. Higher costs to run the town/city with lower overall values equals a higher tax rate.

[codeman671]

Originally Posted by CateP

We were looking at some dream homes for sale on Mark Island, but it wasn't so dreamy when we saw that taxes were $32,000 year.

What property on Mark has a $32k tax bill??? I think you are mistaken. I am on Mark, the most expensive one that I know of is about $15k. I checked the tax cards online and see nothing even close to that. Mine is on the market, one of the nicest ones IMHO, $8500 in taxes and is one of the 3-4 presently listed.

To have a tax bill that high, the town would have to assses you at almost $1.9mil. Although one person has asked that much in the past, their assessment is only in the $600k's.

[Rusty]

Originally Posted by codeman671

What property on Mark has a $32k tax bill??? I think you are mistaken. I am on Mark, the most expensive one that I know of is about $15k. I checked the tax cards online and see nothing even close to that. Mine is on the market, one of the nicest ones IMHO, $8500 in taxes and is one of the 3-4 presently listed.

To have a tax bill that high, the town would have to assses you at almost $1.9mil. Although one person has asked that much in the past, their assessment is only in the $600k's.

I agree with you "codeman671".

Gilford’s tax rate is $17.62 per $1,000 of assessed valuation…..therefore if you use the formula: tax bill/tax rate…. which would be $32,000/$17.62… the assessed value would have to be $1,816,118.

That assessment value does seem high for Mark Island.

[tis]

Originally Posted by Rusty

I agree with you "codeman671".

Gilford’s tax rate is $17.62 per $1,000 of assessed valuation…..therefore if you use the formula: tax bill/tax rate…. which would be $32,000/$17.62… the assessed value would have to be $1,816,118.

That assessment value does seem high for Mark Island.

You question me, but if codeman says it, it seems high to you?????

[Rusty]

Originally Posted by tis

You question me, but if codeman says it, it seems high to you?????

"codeman671" gave us information that he researched about the assessed values on Mark Island. I based my comment from what he said.

You only said "Are you sure about that? THat is hard to believe," and then I asked why you said that because maybe you knew the assessment values that you could share with us.

[windywalls]

Better understanding is gained by looking at the last 25 years. Beginning in the mid-eighties you saw the knocking down of hundreds of lakefront camps and replacing them with four season vacation homes that carried assessments 5 to 10 times higher. Over the next 20+ years (with a hiccup in the early ninties) municiple tax bases grew at a double-digit rate. In many cases, towns were adjusting their tax base by doing spot assessments around the new shorefront construction and this was more then enough to support massive increases in municipal and school budgets. Everyone was drinking the cool-aid, "housing prices will never fall again". In the town I live in, this phenominon went on for two decades and then in 2006 the town conducted the first town-wide reassessment in many years, the results of which locked in the disparity. Just remember, a huge percentage of the towns revenue comes from lakefront properties and a huge percentage of those people are seasonal and don't vote locally, what do you expect?

[Bear Islander]

Originally Posted by ClosetExtrovert

The island properties seem like fun but I would imagine some of the island dwellers return in the spring and find all sorts of expensive suprises. Is that true?

I don't think island properties have more "expensive surprises" than the mainland. Their isolation in some ways makes them a better target for vandals and break ins, but at the same time makes them harder to get to or escape from. I think it balances out.

Dock damage can happen anywhere but on an island docks are a necessity not a luxury. Repairs must be done quickly.

One problem is that if you lose phone or cable don't expect it to be repaired until May. Sometimes the electric company will do winter repairs.

[CateP]

Okay. My mistake the property was not on Mark Island. It was Edgewater Drive in Gilford.

MLS#: 2797845
Rooms: 10
Bedrooms: 5
Full Bathrooms: 5
3/4 Bathrooms: 0
1/2 Bathrooms: 1
Lot Size: 1.190 acres
Taxes: $32,252

Note that this is listed for $4 million. (As I said...dream home)

[ClosetExtrovert]

Originally Posted by CateP

We were looking at some dream homes for sale on Mark Island, but it wasn't so dreamy when we saw that taxes were $32,000 year.

Geesh, Cate- Sounds like Jersey Taxes...and I'm pretty sure garbage collection isn't included...

[ClosetExtrovert]

Originally Posted by Bear Islander

I don't think island properties have more "expensive surprises" than the mainland. Their isolation in some ways makes them a better target for vandals and break ins, but at the same time makes them harder to get to or escape from. I think it balances out.

Dock damage can happen anywhere but on an island docks are a necessity not a luxury. Repairs must be done quickly.

One problem is that if you lose phone or cable don't expect it to be repaired until May. Sometimes the electric company will do winter repairs.

I guess I was assuming the house was shut up for the entire season, but is that the case? Do you spend time in the winter out on the island, too?