Thank you for providing this information Diana. I understand that in the end what transpires in the future will be fact. My point was that it would be good to have an idea of "potential" tax implications now. This estimate could be accomplished with impact studies of which I do not have knowledge if any exist.
I read a good chunk of the article from Wharton School. The premise is based on supply side issues. And as I stated in my previous post, regardless of the supply side issues, the article confirms that market forces determine value. Nowhere did I see any insinuations to artificial inflation. Kind Regards, Scott Clary 617-968-5769 Sent from a mobile device - please excuse typos and errors On Tue, Nov 28, 2023, 11:54 AM DJCP <djcp0...@gmail.com> wrote: > I'd like to know if God exists, but some things we just can't know until > they happen (in the case of my question, when I die I guess)! > > But Google did show me this published journal article and, if I'm reading > it correctly, seems to say that restrictive (i.e., single family) land use > regulations (i.e., zoning) drive up the price of land, by about $50k in the > Boston area, based on a pre-covid data, even. > https://www.nber.org/papers/w28993 > <https://www.nber.org/system/files/working_papers/w28993/w28993.pdf> > > And by artificially inflated prices, I just mean because of our > artificially low housing stock based on things like lack of construction > b/c of things like restrictive zoning, whereas there is plenty of demand. > > And there absolutely can be artificially inflated prices. We had a whole > global economic crisis in 2008 related to it. > > On Tue, Nov 28, 2023 at 11:28 AM Scott Clary <scottclar...@gmail.com> > wrote: > >> It would be good to know what the potential tax implications are under >> HCA. Our tax increases are slowly but surely squeezing my family out of >> town. >> >> Regardless of what an annual percentage increase in property values may >> be, the Commonwealth's levies are capped at two and a half percent unless >> an override. And in theory as property values go up the tax rate can come >> down. >> >> I am curious how our property prices / values are artificially inflated. >> Market forces determine value. Whether one thinks our zoning bylaws are >> exclusionary or not, market forces still set value. >> >> Kind Regards, >> >> Scott Clary >> 617-968-5769 >> >> Sent from a mobile device - please excuse typos and errors >> >> On Tue, Nov 28, 2023, 9:30 AM DJCP <djcp0...@gmail.com> wrote: >> >>> You're right, I misread his email. >>> >>> But John has picked one line out of a guide - and we don't even know >>> which one. >>> >>> This is from the assessor's website and explains how the town calculates >>> the assessed value of a property: >>> https://www.lincolntown.org/Faq.aspx?QID=84 >>> It is based on property sales, and applying some value extrapolated from >>> the sales to all of the properties in town. So short of a gut rehab or >>> tearing down and rebuilding your house, I don't think one factor such as >>> rezoning can spike one's property tax. Interestingly though, if prices >>> keep being sold at our artificially inflated prices, our collective taxes >>> keep going up! >>> >>> Here is another helpful guide I found on how Wellfleet calculates >>> property taxes. All communities in Mass work off of the same state law - >>> Mass. Gen. Laws ch 59 >>> >>> >>> On Mon, Nov 27, 2023 at 10:02 PM William Broughton < >>> wbroughto...@gmail.com> wrote: >>> >>>> >>>> I’m sorry but isn’t that the exact opposite of what John just quoted >>>> from a Massachusetts guide for property assessors? >>>> >>>> Best, >>>> Will >>>> >>>> >>>> >>>> >>>> >>>> On Nov 27, 2023, at 6:39 PM, DJCP <djcp0...@gmail.com> wrote: >>>> >>>> >>>> BUt I think the point is that the assessment doesn't change until the >>>> 30 units are built. Sure it has more potential value, and someone may pay >>>> more for it than before the zoning change, but it won't change your actual >>>> assessment or tax bill. >>>> Diana >>>> >>>> On Mon, Nov 27, 2023 at 6:25 PM John F. Carr <voxsciuro...@gmail.com> >>>> wrote: >>>> >>>>> I don't think this statement is accurate: >>>>> "Properties are assessed based on their current use, not on future >>>>> possible use." >>>>> >>>>> Quoting from a Massachusetts guide for property assessors: >>>>> >>>>> "Fair cash valuation is based on the highest and best use of the land, >>>>> which >>>>> should reflect the applicable zoning, building or other land use laws >>>>> and >>>>> regulations, as well as the physical characteristics of the land." >>>>> >>>>> A buildable lot in Lincoln, zoned for one residence, is worth over >>>>> half a million >>>>> dollars. What happens if that land is rezoned to allow 30 units >>>>> instead of one? >>>>> The land is going to be worth several million dollars, not half a >>>>> million. The >>>>> assessed value of the structure on the land has not changed. The >>>>> total tax >>>>> bill has changed. >>>>> >>>>> John Carr >>>>> >>>>> On Wed, Nov 22, 2023 at 2:29 PM Jennifer Glass via Lincoln >>>>> <lincoln@lincolntalk.org> wrote: >>>>> > >>>>> > On behalf of the HCAWG Outreach Team, we wish you a relaxing holiday >>>>> weekend. >>>>> > >>>>> > >>>>> > - Jennifer, Gary, Kathy >>>>> > >>>>> > >>>>> > 2023 11 22 Housing Choice Act Working Group - FAQs >>>>> > >>>>> > What is Option E? A group of residents submitted an option that was >>>>> reviewed at the November 21st Housing Choice Act Working Group (HCAWG) >>>>> meeting. Documents describing the option, as submitted, may be found in >>>>> the >>>>> documents section of the HCAWG web page ( >>>>> https://www.lincolntown.org/1327/Housing-Choice-Act-Working-Group). >>>>> The link to the meeting recording is here: >>>>> https://us06web.zoom.us/rec/share/OWG-84wg0A5W2q8JB2fYWrWAoTq7sMmr4Mv8qCJRRMn0IV7INcFS1evLwQljYv8-.1lOpdFNjrb0Yvp2Q >>>>> > >>>>> > >>>>> > >>>>> > Will property value assessments change with rezoning? No. >>>>> Properties are assessed based on their current use, not on future possible >>>>> use. If a neighbor’s property changes use, that still does not affect >>>>> assessment. Assessments change when an individual property’s use changes. >>>>> > >>>>> > >>>>> > >>>>> > Why is the commuter parking lot included in the Village Center >>>>> subdistrict? All of the options developed by the HCAWG include the Village >>>>> Center subdistrict which is comprised of the Mall (owned by the RLF), >>>>> Doherty’s, and the two town-owned commuter parking lots (the resident lot >>>>> and the one at the back of the Mall). >>>>> > >>>>> > · Both commuter lots are currently part of the South Lincoln >>>>> overlay district. Keeping the lots in the Village Center overlay district >>>>> is consistent with past practice and planning principles. >>>>> > >>>>> > · As the HCAWG has said from the beginning, and in keeping >>>>> with planning discussions over the past several decades, including it in >>>>> the Village Center subdistrict gives the town planning flexibility. >>>>> > >>>>> > o The Mall area is small (4 acres). Including the parking lot >>>>> allows for more holistic planning. >>>>> > >>>>> > o Including it gives the Town leverage in conversations about how >>>>> that area is redeveloped. >>>>> > >>>>> > o Residents have expressed strong support for developing moderate >>>>> and affordable housing. Including the parking lot signals to the state and >>>>> potential developers that Lincoln is serious about transit-oriented >>>>> planning. This would help the Town gain access to housing development >>>>> funding that is only available to municipalities. This funding is what >>>>> would make moderate/affordable housing possible. >>>>> > >>>>> > o It is also a signal to the MBTA that we are doing our part and >>>>> expect them to do theirs when it comes to providing an accessible station >>>>> and improved service. >>>>> > >>>>> > · Because it is town-owned land, ANY change in use of the >>>>> parking lot requires a 2/3 majority vote at a Town Meeting. This would >>>>> still be true even if it is rezoned as part of the HCA. There is no >>>>> downside to including it as part of a rational zoning process. >>>>> > >>>>> > >>>>> > >>>>> > Is the vote for an option at the Special Town Meeting binding? The >>>>> HCAWG and the Select Board will consider the vote binding subject to any >>>>> necessary technical changes needed for compliance. >>>>> > >>>>> > · No matter which option residents choose on December 2nd, the >>>>> proposal will need to go through an initial compliance check by the >>>>> Executive Office of Housing & Livable Communities (EOHLC). >>>>> > >>>>> > · If changes must be made for compliance, they will be shared >>>>> with residents as soon as possible before the March Annual Town Meeting. >>>>> > >>>>> > >>>>> > >>>>> > Why are we voting in March when the deadline for compliance is >>>>> December 2024? The Select Board and Planning Board began talking about >>>>> the Housing Choice Act in January of 2022 when the legislation was passed >>>>> ( >>>>> https://www.lincolntown.org/AgendaCenter/ViewFile/Minutes/_01312022-4365). >>>>> The guidelines were finalized over the summer of 2022, and the Select >>>>> Board >>>>> appointed the Housing Choice Act Working Group in the fall. The >>>>> discussion >>>>> and process has been ongoing for close to two years. >>>>> > >>>>> > In December 2022, the Town submitted an Action Plan to the state >>>>> which was approved in January of 2023. The plan included a timeline for >>>>> compliance, and the Town process is in keeping with the approved timeline >>>>> which stated that work will be complete and ready for Town Meeting in >>>>> March. >>>>> > >>>>> > Compliance is a multi-step process and technically complex, making >>>>> it important to allow time for each step in order to be compliant before >>>>> the end of 2024. >>>>> > >>>>> > 1. Submit option to EOHLC for a preliminary compliance check at >>>>> least 90 days before a Town Meeting vote. >>>>> > >>>>> > 2. Approve HCA zoning at Town Meeting (majority vote required). >>>>> > >>>>> > 3. Submit approved warrant to the Attorney General. >>>>> > >>>>> > 4. Submit zoning to EOHLC for final determination of compliance. >>>>> > >>>>> > >>>>> > >>>>> > >>>>> > >>>>> > -- >>>>> > The LincolnTalk mailing list. >>>>> > To post, send mail to Lincoln@lincolntalk.org. >>>>> > Browse the archives at >>>>> https://pairlist9.pair.net/mailman/private/lincoln/. >>>>> > Change your subscription settings at >>>>> https://pairlist9.pair.net/mailman/listinfo/lincoln. >>>>> > >>>>> -- >>>>> The LincolnTalk mailing list. >>>>> To post, send mail to Lincoln@lincolntalk.org. >>>>> Browse the archives at >>>>> https://pairlist9.pair.net/mailman/private/lincoln/. >>>>> Change your subscription settings at >>>>> https://pairlist9.pair.net/mailman/listinfo/lincoln. >>>>> >>>>> -- >>>> The LincolnTalk mailing list. >>>> To post, send mail to Lincoln@lincolntalk.org. >>>> Browse the archives at >>>> https://pairlist9.pair.net/mailman/private/lincoln/. >>>> Change your subscription settings at >>>> https://pairlist9.pair.net/mailman/listinfo/lincoln. >>>> >>>> -- >>>> The LincolnTalk mailing list. >>>> To post, send mail to Lincoln@lincolntalk.org. >>>> Browse the archives at >>>> https://pairlist9.pair.net/mailman/private/lincoln/. >>>> Change your subscription settings at >>>> https://pairlist9.pair.net/mailman/listinfo/lincoln. >>>> >>>> -- >>> The LincolnTalk mailing list. >>> To post, send mail to Lincoln@lincolntalk.org. >>> Browse the archives at >>> https://pairlist9.pair.net/mailman/private/lincoln/. >>> Change your subscription settings at >>> https://pairlist9.pair.net/mailman/listinfo/lincoln. >>> >>> >>>
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