Quote:
Originally Posted by DickR
The property tax, based on likely selling price, is fundamentally a tax based on someone else's ability to pay it. However, it sure works to the benefit of towns with a lot of vacation property, owned by folks "from away" who have no say in spending and get little in the way of services from the town. It isn't likely to change, but it tends to force out long-term property owners.
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That is largely due to a change in their relative status.
The same happens on non-waterfront properties for individuals that do not save enough in retirement funding to cover the reality of their lifestyle.
I know someone that sold their lakefront cabin on Squam after inheriting it. His grandfather was a judge... he's a carpenter. The judge could afford the property, the carpenter can't. Different levels of status in society with different pay scales and pensions.