Having read the recent story about the shortage of homes for Realtors to sell gives me much concern.
Out-of-state buyers with high wages purchasing homes at prices the average Vermonter cannot afford is not the problem. The problem is the impact on senior citizens on Social Security. They may get a 2% increase based on the cost of living going up. Unfortunately, their property taxes can increase by as much as 60% according to the article as properties in their locale are sold at inflated prices to those wishing to escape nature's wrath at what we had done to the planet and COVID.
There should be a change added to the tax laws which requires reform to protect the elderly who built this nation and fought its wars, starting with the existing Homestead Act, a freeze on further elevated taxes for seniors until they pass or move. Once the property is sold at the new price, the buyer will assume full payment; however, they will be purchasing with this knowledge.
I have seen too many tax sales on properties over the years and they are escalating. A nation is judged by how it treats its elderly; at this point in time, we leave a lot to be desired.
Imagine living in a home for 60 years and losing it to the tax man because a wealthy person paid a ridiculous price for one similar to yours next door. Any opinions out there?