Fireworks North of Center Harbor?

[4 for Boating]

That must be a lot of insurance... Between an increased tax rate AND the reevaluation of waterfront land (nothing to do with the homes themselves but the lots/land) - some effective tax rates went up over 15%. In one year! Sort of ridiculous as I understand Y-O-Y increases but there should be an % cap each year.

With that type of tax pressure for what some use for only a few summer months > I suspect we will continue to see older family camps sold off - knocked down and larger homes costing in the millions continue. Sort of a rough cycle.

[FlyingScot]

Originally Posted by 4 for Boating

That must be a lot of insurance... Between an increased tax rate AND the reevaluation of waterfront land (nothing to do with the homes themselves but the lots/land) - some effective tax rates went up over 15%. In one year! Sort of ridiculous as I understand Y-O-Y increases but there should be an % cap each year.

With that type of tax pressure for what some use for only a few summer months > I suspect we will continue to see older family camps sold off - knocked down and larger homes costing in the millions continue. Sort of a rough cycle.

I don't have enough info to opine on local spending, and I do not like conversions to McMansions. But if someone's tax bill is up over 15% it's because waterfront values are up relative in others, and they've made a boatload on their investment.

The pressure to sell in these cases works two ways. As you note, taxes can be a shock. But also, the camp is now a huge financial asset, enough to make a big difference in many owners' retirement lifestyles

It would be interesting to know what has happened to median and lower end tax bills

[4 for Boating]

Originally Posted by FlyingScot

I don't have enough info to opine on local spending, and I do not like conversions to McMansions. But if someone's tax bill is up over 15% it's because waterfront values are up relative in others, and they've made a boatload on their investment.

The pressure to sell in these cases works two ways. As you note, taxes can be a shock. But also, the camp is now a huge financial asset, enough to make a big difference in many owners' retirement lifestyles

It would be interesting to know what has happened to median and lower end tax bills

Valid point > if your situation is such that you retire and sell the "lake home" and cash in to provide for a comfortable runway > the timing is great right now. However, most camps that I know of have been handed down from generation to generation (no cash out) and it is those that will most likely get pushed to sell by the family members - thus breaking the chain and in all likelihood finding the home demolished to make room for something newer. The circle of life I suppose...

[John Mercier]

The person(s) buying the property will have to pay for the property, pay for the demo, pay for the new construction, and pay even higher property taxes.

[4 for Boating]

Originally Posted by John Mercier

The person(s) buying the property will have to pay for the property, pay for the demo, pay for the new construction, and pay even higher property taxes.

Yup - and the multi - millionaires that can afford that > move in and the non $$$ people get moved out. Sort of a mutant gentrification of the area - at least on the waterfront. Eventually it will find its way to the islands - only a matter of time with a fixed inventory of water front property. I suppose the nature of things although I cannot help but think that Covid sort of accelerated the whole thing. I seem to recall it happening many years ago on the Intercostal in Florida.

[Descant]

Originally Posted by 4 for Boating

Valid point > if your situation is such that you retire and sell the "lake home" and cash in to provide for a comfortable runway > the timing is great right now. However, most camps that I know of have been handed down from generation to generation (no cash out) and it is those that will most likely get pushed to sell by the family members - thus breaking the chain and in all likelihood finding the home demolished to make room for something newer. The circle of life I suppose...

There are as many options as there are camps. In the case of islands, it isn't just the camp, but incentives to own mainland access, perhaps another $150K, and $$ for boats, but a guarantee of access at a fixed price. What I see is new ownership by 2-3 generations replacing what started out as one couple in say, 1960. Watching other places get sold, many are in trusts that prevent one child forcing a sale, and many have endowments, so the future generations don't have to fight over who pays what share of taxes and maintenance. Nobody advertises the terms of their trust or the endowment, so everybody else just posts speculation on the internet.
Is there more speculation on the internet than there is in Bitcoin? Nah. Internet speculation without basis is way ahead.