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    Wednesday, December 07, 2022

    Change the way property is assessed

    The revaluation completed in Groton last Spring saw a 32% average increase in assessments, some as high as 50-60%. This was after 12 years of stagnation thanks to the Great Recession, but it was not the locals that caused the increases. It was out of towners that auctioned up the values due to a combination of low-interest rates, an exodus out of cities, and overpriced purchases to create STRs. This resulted in huge property tax increases, and it was unfair, especially to the majority who have lived, worked, and paid taxes here, seemingly forever.

    There is a solution, and that is to do what California does. That is to lock in your assessment at the price paid when you purchased or built your home. That is right – your assessment would not change so long as you live in your home. It changes and there is a new base assessment when you sell your home. What this would do is prevent what happened in Groton this year, where the anomaly of low-interest rates, a COVID-based exodus out of cities, and homes purchased to convert to STRs, have led to an outsized increase. If you agree, let your representatives know.

    Alfred Fritzsche

    Mystic

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