Quote:
Originally Posted by FlyingScot
I agree that lake prices are rising too fast for the general good. I also agree that lots of people complain about property taxes and assert that they are forced to sell.
But like snowel, I do not believe these people who are doing the asserting that property taxes have forced them out of a place that's been in the family for generations. These multi-generational homes are worth 10X (30X?) what grandpa paid. Even for a modest home, we might call that a $1MM windfall. That potential cash might be too much to resist selling the house, but let's not call it forced by the evil taxman. Rent it for 2-3 weeks in July, then drive up for the rest of the summer and thank God for grandpa's good sense
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You can't pay taxes with equity unless you borrow against it. Renting your place to pay taxes means you have to go elsewhere, can't have nice things and it will put you in a higher tax bracket. No one should be taxed out of their homes and it happened to every one of my neighbors over 60 years.