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Originally Posted by Acres per Second
I would expect 5% fluctuations to occur.
What happens when your neighbor's cottage gets torn down, the lot split in two, and two McMansions get built in the place of one residence?
This apparently hasn't happened to you, but it's quietly happening elsewhere.
Unforeseen, it would throw a monkey wrench into your carefully considered lakeside retirement plans, and only then one might see the unfairness built into in this system. Friends have told me of McMansions being torn down to be replaced with $4M McMansions (in another state).
You've suggested that you would sell your Winnipesaukee home if your retirement plans didn't work out. Would you be as satisfied retired in Arizona?
I'm hearing that it's a "dry" heat.  |
So my 2 neighbors rebuild their $1 million houses into McMansions worth, for example, $2.5 million. My property value, by virtue of being in such illustrious company, goes to $1.75 million. My wealth just increased by 3/4 of a million dollars off the sweat of my neighbor’s brow. That’s so unfair!
Now my property tax has also gone up so I face some choices.
If, as you propose, I’ve had my head in the lake for the last 30 years or more, then I would be totally unprepared for such an occurrence and would need to cash in my $1.75 million house and move off the lake and spend the rest of my life bereaving my loss.
BTW, for anyone that doesn’t realize lake property escalates in value and that means your property taxes are going to go up; It will be winter soon. It’s going to get very cold. Buy yourself a warm coat, gloves, and a hat.
Maybe I’m not quite as obtuse as you think and the property tax increase is painful but manageable, if I watch my spending. However I really like to travel and eat at fine restaurants. If I keep the house and pay the additional property tax I’ll need to give some of that up. Huummmm????? OK, I’ve decided to sell and get my $1.75 million and salve my pain by vacationing in Italy, Canada, France, Lake Tahoe, Martha’s Vineyard, and other wonderful places. And OH, the food. Yummmm. I visit the lake from time to time, usually I rent for a month every summer, and sometimes have a sense of loss. But did I mention the food? And the Virgin Islands??
Maybe I decide, regrettably, to sell my non lake home, which I have always planned I might have to (see, I’m getting smarter all the time). This provides ample money to cover my property taxes for the foreseeable future and now I can upgrade the lake house a bit too. I really regret having to sell my other house. No wait; I wanted the lake house so I guess I’m happy. This is getting sooo confusing.
Or, maybe I didn’t plan my retirement on a razor’s edge and I can absorb the tax increase without significant pain. I get to have it all. I’m deliriously happy.
Isn’t that how life is supposed to be? I have it right here, it’s a little golden form. One GUARANTEE to a 100% SATISFIED life, no planning or contribution required. No bumps in the road or chop on the lake. Just sit back and enjoy. What?? No one else got one of these guarantees?? THAT’S why I’m so confused.
By the way, you imply that I’m a hypocrite by stating that when it happens to me ONLY THEN will I realize the unfairness of the property tax system and change my views. I am not that shallow.
In life, stuff happens; some of it not very pleasant. Stuff is then called something else. Some of it has happened to me, as I am sure to most people. I didn’t ask for special treatment when it did because I had planned for up and downs. I picked myself, dusted myself off and got on with it.
I point out a very significant fact. Almost everyone that struggles with high property taxes does so because they have a valuable property. They are not destitute. They have a favorable financial situation. No one has a guarantee to a house, let alone a valuable lake property. Neither do they have a guarantee to a car, or nice clothes. Gas prices have doubled in the past 13 years. Shouldn't someone be buying us gas?
I’ve been to Arizona, very flat for the most part, kind of boring. My wife doesn’t like hot climates so I guess we won’t go there, thanks. But there are LOTS of New Hampshire towns that are nice to live in. If I sold the lake house I’d be able to afford a VERY nice place almost anywhere else. Guess I’ll stay here. Unless things change. Somehow they usually do.
