Property tax in Fairhaven is about 1%, right? So, to cover a $450,000 deficit we would need to add $45,000,000 worth of residential property which is over 100 houses valued at $400k? Is my math wrong?
That looks about right! I like where you're going with this : )
My current understanding is that the trick is to grow that residential property value in such a way that it doesn't just kick the can by leaving maintenance liability for future generations-- otherwise it's the suburban Growth Ponzi Scheme!
Also-- the commercial tax rate in Fairhaven is about twice the residential rate, but it generally takes longer to add to net commercial property value. Pt II of this interview will cover how Morrisville was able to jump start its existing commercial space by adding residential to its downtown core. The added residents make more businesses viable and commercial space more valuable. Which then increases the value of the surrounding residential areas.
TLDR: This whole substack is really all just a long play for me to be able to get a halfway decent bagel within walking distance of my house.
Property tax in Fairhaven is about 1%, right? So, to cover a $450,000 deficit we would need to add $45,000,000 worth of residential property which is over 100 houses valued at $400k? Is my math wrong?
That looks about right! I like where you're going with this : )
My current understanding is that the trick is to grow that residential property value in such a way that it doesn't just kick the can by leaving maintenance liability for future generations-- otherwise it's the suburban Growth Ponzi Scheme!
Also-- the commercial tax rate in Fairhaven is about twice the residential rate, but it generally takes longer to add to net commercial property value. Pt II of this interview will cover how Morrisville was able to jump start its existing commercial space by adding residential to its downtown core. The added residents make more businesses viable and commercial space more valuable. Which then increases the value of the surrounding residential areas.
TLDR: This whole substack is really all just a long play for me to be able to get a halfway decent bagel within walking distance of my house.