[cgregor]

It sounds as though you ought to work to change your available school system into a world class one, even if you don't have kids in school.

[Biker53]

Originally Posted by arctichomesteader

The homestead declaration won't cover all of your property if you have a decent sized piece of land with your home though. For instance, I have 10 acres. The entire 10 acres isn't eligible to be a "homestead." Even though a deed restriction limits subdividing it smaller than 5 acres.

Correct. Only the 1st 2 acres is considered homestead.

[Biker53]

Originally Posted by pamjedlicka

Many other states offer some type of 'break' to seniors or retirees. No tax on pensions, a flat dollar amount offset from taxes (I think SC is $15K), and other such breaks. These states are usually economically vibrant (VT is not) and have businesses or industry (VT does not) that contribute to a tax base to the extent that the regular homeowner has a 'reasonable' tax burden ($2K-3K year).
In addition to the heavy property tax burden, VT taxes every single penny of income. You live in Nevada, where they do not tax pensions and you have no state income tax, right?

The problem with giving automatic breaks to seniors is that many of them are amongst the wealthiest people in town. Just because they are older doesn't mean they don't have money. They don't carry mortgages or car payments and have accumulated assets. The State Payment system in VT is entirely income based, ignoring assets. I'm a Lister and see some of the wealthiest people in town getting their property taxes subsidized. They have little in the way of taxable income but they are wealthy nonetheless with substantial assets.

[timberline742]

Originally Posted by pamjedlicka

Well, I pay far more that $2-3K for my property taxes. I think to pay $15K in property taxes for a CONDO is absolutely outrageous, but by all means, stay and pay if that suits you. Every state has their own system and every individual (or family) decides what is affordable for them. If you don't mind paying the $$ and have the $$ then that is good for you. Sorry to hear about your mother. Hope all works out for her.

The over 15k (closer to 20) is for a house.

[miu]

Originally Posted by jackmccullough

Well, if you do decide to vote with your feet, as you put it, the price you get for your house will be enhanced by the quality of the public schools in your town.

Not really. It would only be enhanced if the potential buyers have school age children. But if the buyers are childfree, then the town having a good quality school would be seen more as a liability because of the high property taxes.

High property taxes also eat into any potential increases in the value of the home. So yes, when one goes to sell the house in the quality school town, any increases in the value of the property are negated by all the years of paying the high property taxes. So much for trying to build equity in oneself. So much for pursuing the American Dream. I should have stayed just a renter.

[Riley.]

Originally Posted by Biker53

The problem with giving automatic breaks to seniors is that many of them are amongst the wealthiest people in town. Just because they are older doesn't mean they don't have money. They don't carry mortgages or car payments and have accumulated assets. The State Payment system in VT is entirely income based, ignoring assets. I'm a Lister and see some of the wealthiest people in town getting their property taxes subsidized. They have little in the way of taxable income but they are wealthy nonetheless with substantial assets.

Yep. I know a few couples who have a million dollars in property but their income is an annuity that they have whittled down to the bare minimum they can collect to survive and which reduces their tax burden. They get a subsidy. I've begun to wonder if I shouldn't try to do the same thing by not taking my full disbursements when I retire. While it feels like cheating, I'm sure many people do it, so it must be legal, and why shouldn't I? especially if I want to stay here.

[nebloke]

We live in NJ and are in our mid 50s and starting to think more and more about retirement. We've owned a camp on 20 acres in VT between Killington and Okemo for the past 15 years and love it for the outdoor recreation and it's wonderful lack of people. We've always wanted to build a real house there in retirement for a 2nd home but taxes will in all likely prevent us from ever doing that. We live in a beautiful suburb in Somerset County NJ, have very deep roots here, and plan to retire in place near family and friends and where our kids want to come home despite the $14K we currently pay here in taxes. If not here then just over the river in Bucks Country, PA where both property tax and income taxes are less. We love the seasons in this part of the world except for late winter and early Spring which are miserable and plan to head south for about 6 weeks from the middle of March to around May 1st to escape it. That being said, for what it would cost us in taxes on a 2nd home in Vt on our 20 acres we could easily finance a condo at a southern beach, offset by rental income, and stay at the Woodstock Inn two or three times a year in VT and still be ahead of the game. The investment in a home that we can't rent in VT because of low demand, with extremely high taxes, is far less attractive to us now than a condo at the beach someplace warm with cheap taxes that we can rent out when we are not using.

[StealthRabbit]

Do seek the now out of print home building book..
(authored in VT 30 yrs ago)

"Your Low-tax Dream House: A New Approach to Slashing the Cost of Home Ownership"
Steve Carlson

I may republish another version. (Taxes raised from <$3 / day (20 yrs ago) to current $43 / day House is 20 yrs and more worn out. (needs roof, paint, siding, windows, finished basement...

[Riley.]

Originally Posted by nebloke

We live in NJ and are in our mid 50s and starting to think more and more about retirement. We've owned a camp on 20 acres in VT between Killington and Okemo for the past 15 years and love it for the outdoor recreation and it's wonderful lack of people. We've always wanted to build a real house there in retirement for a 2nd home but taxes will in all likely prevent us from ever doing that. We live in a beautiful suburb in Somerset County NJ, have very deep roots here, and plan to retire in place near family and friends and where our kids want to come home despite the $14K we currently pay here in taxes. If not here then just over the river in Bucks Country, PA where both property tax and income taxes are less. We love the seasons in this part of the world except for late winter and early Spring which are miserable and plan to head south for about 6 weeks from the middle of March to around May 1st to escape it. That being said, for what it would cost us in taxes on a 2nd home in Vt on our 20 acres we could easily finance a condo at a southern beach, offset by rental income, and stay at the Woodstock Inn two or three times a year in VT and still be ahead of the game. The investment in a home that we can't rent in VT because of low demand, with extremely high taxes, is far less attractive to us now than a condo at the beach someplace warm with cheap taxes that we can rent out when we are not using.

Yep, we each have to do what works best for us. I would never be able to afford 14K in taxes in retirement! yikes! I'd HAVE to continue working. Getting away for 6-8 weeks near the end of winter IS an option we are considering. Sounds like you have a good plan in place.

[ansible90]

Originally Posted by nebloke

We live in NJ and are in our mid 50s and starting to think more and more about retirement. We've owned a camp on 20 acres in VT between Killington and Okemo for the past 15 years and love it for the outdoor recreation and it's wonderful lack of people. We've always wanted to build a real house there in retirement for a 2nd home but taxes will in all likely prevent us from ever doing that. We live in a beautiful suburb in Somerset County NJ, have very deep roots here, and plan to retire in place near family and friends and where our kids want to come home despite the $14K we currently pay here in taxes. If not here then just over the river in Bucks Country, PA where both property tax and income taxes are less. We love the seasons in this part of the world except for late winter and early Spring which are miserable and plan to head south for about 6 weeks from the middle of March to around May 1st to escape it. That being said, for what it would cost us in taxes on a 2nd home in Vt on our 20 acres we could easily finance a condo at a southern beach, offset by rental income, and stay at the Woodstock Inn two or three times a year in VT and still be ahead of the game. The investment in a home that we can't rent in VT because of low demand, with extremely high taxes, is far less attractive to us now than a condo at the beach someplace warm with cheap taxes that we can rent out when we are not using.

A house near Killington could be rented out for the entire ski season. But as a non-resident and with a rental property, you would be paying the full amount on the real estate taxes. However, a small house may not be so much. But if you are a resident and your income is below $100,000 or so, you will get a "discount" on the property tax.