Submitted by dropkickninja t3_zwvgd5 in vermont
EpictetussutetcipE t1_j1xjwgz wrote
No one is talking about what happened in the Denver Colorado area... It's arguably a bigger threat that will happen here.
Denver area is also supposed to be a small bastion of climate change with upper basin water and climate zones sliding favorably up...
They've had issues with fires and water shortages too, it's one reason why I left. An entire neighborhood block that burned down recently was a few miles away from me and if the winds continued that day my house would've been gone.
Ultimately what's really a threat to Vermonters is a broken property tax system. As property values increase, so do property taxes and just like California and Colorado, eventually the taxes alone will evict the poor from their homes opening it up for rich people to take everything Vermonters worked for.
As the climate change housing market heats up it'll happen here too, with crazy high ballooning prices. Land lots will be insanely priced and some lots will be forced to be subdivided, using imminent domain (also saw this in Colorado). In Colorado, I was paying nearly 11k in property taxes. Due to nearby homes of similar size selling for 150k more, they assessed my property 175k more than the previous review, causing a $300/mo increase in property taxes. It was a crazy burden on me, ultimately I moved to the NEK (this was 2+ years in the planning) to live better within my means and live a simpler life to hopefully prepare for what is to come. Now I fear I'll eventually lose it all to our tax system which persecutes those with less. Mark my words, in the next 30-50 years you'll be unable to afford your taxes and no one is talking about it.
Reasonable_Expert_23 t1_j1ywptx wrote
If you make under a certain amount in Vermont then they forgive a certain percentage of your property tax. I got 30% back last year and ‘my partner and I are both middle income. Easy enough to scale up this program if needed, especially with home values going up so much.
EpictetussutetcipE t1_j1z2931 wrote
Right, but lawmakers are easily corrupted when big money decides to find its way here as a refuge from climate change.
escobert t1_j1yzv80 wrote
>Ultimately what's really a threat to Vermonters is a broken property tax system. As property values increase, so do property taxes and just like California and Colorado, eventually the taxes alone will evict the poor from their homes opening it up for rich people to take everything Vermonters worked for.
Already happening.
NEK_USA t1_j1yfhh0 wrote
I agree with this. We bought our house in NEK for a little under $80,000 in 2019 and our taxes have gone up almost $1,800 in 2 years and our house value doubled. During covid people came out of state and paid cash for homes around up for $500,000 and more! It was a selling/buying spree! If this pace keeps up we'll be homeless and forced out.
Loudergood t1_j21hvkz wrote
Funny, my house value almost doubled and my taxes haven't increased at all.
NEK_USA t1_j21l8sw wrote
Very odd, unless it's not town assessed value and you're referring to sale value such as on zillow. Our town assessed value keeps increasing and taxes are up $1200 more last year.
Loudergood t1_j21my7l wrote
Oh yes, my town assessment didn't budge.
That said, appraisal isn't allowed to change the total tax revenue of the town anyway. The only exception I've seen to that is places like Burlington where commercial properties dropped in value like a rock because no one wants to buy a hotel or restaurant during COVID. This forced them to use residential rates to make up the difference.
NEK_USA t1_j21pcem wrote
Wow. Aweful at a time people are most vulnerable.
We should have appealed our town assessment. They raised the town value of our house $30,000 2 months after we bought it,, which was almost $40,000 more than we just paid for it. Then this past year it went up another $46,000 with the town assessment. We will come up with the difference but one day it will be just too much if it keeps up at this pace.
cpujockey t1_j1z21df wrote
> If this pace keeps up we'll be homeless and forced out.
forced out by taxes or flat landers with fat bank?
NEK_USA t1_j1z52ed wrote
I hope not, but definitely possible during this decade if things don't slow down:(
We love our little slice of heaven, if not we would have sold it during the covid craze like everyone else did.
Hagardy t1_j2263yu wrote
forced out
except you've turned $80k into nearly $200k simply by purchasing at the right time. I suspect you won't be homeless with your six figure windfall. $1,800/year in increased taxes on an $80k+ profit seems like...not very much?
I know it's theoretical value until you sell, except you have that value in equity.
NEK_USA t1_j237cpr wrote
Equity means nothing if you love the place you live, don't plan on ever selling and want to spend the rest of your years there. I understand what you're saying. People shouldn't be forced out due to the burden of taxes. Our house is not worth that much BTW not unless we have another covid buying frenzy and people's heads aren't right due to fear.
you_give_me_coupon t1_j20fq05 wrote
> > > Ultimately what's really a threat to Vermonters is a broken property tax system. As property values increase, so do property taxes and just like California and Colorado, eventually the taxes alone will evict the poor from their homes opening it up for rich people to take everything Vermonters worked for.
This is already happening. You're right it's bad for Vermonters, but the state government - majority non-Vermonter - wants working class Vermonters out and wealthy transplants in.
Luckcu13 t1_j22p4jj wrote
Sounds like reforming the property tax system to more heavily take land value into account over improvement value is a good step towards solving the issue, but I doubt this will be popular with Vermonters, since it heavily incentivizes development of the land, and makes losers of people who have owned recently valuable land for a long time but are too poor to develop it.
sharksfuckyeah t1_j1xr19a wrote
What is the “ NEK “ ?
JollyHateGiant t1_j1xrr33 wrote
Northeast Kingdom. Counties of Caledonia, Orleans, and Essex.
zepfan t1_j1xusn9 wrote
North East Kingdom
TheTowerBard t1_j1zqohc wrote
It's absolutely hilarious that a bunch of very fragile people downvoted this very fair question.
sharksfuckyeah t1_j1ztsd4 wrote
LOL Yeah, sorry I don’t speak acronym.
anaptyxis t1_j20e43u wrote
By the way, you spell it out when speaking, so it isn't technically an acronym like "neck".
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