Quote:
Originally Posted by FlyingScot
Individuals need to do their own homework here, not rely on rando posters (like me). But if an older person's real goal is to stay in their beloved home, there are options available. Of course, if folks are looking at a massive run up in value, and they want the cash, that's cool too. But it's not being taxed out of one's nest.
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Partly right. The family estate on the lake was 'taxed out' in the late '90s when the state took over evaluations using the 'view' tax. Neither the state or town had options back then other than veteran status. This happens to a lot of locals.
Estate has been part of the family since 1892. Beautiful 'On Golden Pond' fishing cottage overlooking the Broads. Unfortunately, the late '90s was not the time to maximize profits as it was in a recession.
As for woodlots/farms, we made the decision to set up our farm as a non-profit trust. This saves us a lot of money. When we were hounded by developers to sell and become rich, we put the trust under the Belknap Conservatory umbrella. To us this is the best investment, preserving land for the future generations!