Over thanksgiving break, my family and I went up to the suburbs of Boston to have our thanksgiving dinner with our family. My uncle had decided to bring his elderly parents with him for the celebration. While watching the football game, I got into talking with Ken, my uncle’s father, about the struggle he and his wife had been going through with attempting to sell their 5 bedroom home in Stamford, Connecticut. He explained about 2 years ago, they had realized that they wanted to sell their home because of they were getting older and could no longer keep up maintenance on the home. They promptly put their house on the market and looked into closing on an adult community condo in New Hampshire. Ken went on to say that the brokerage agent at the firm they chose to exclusively market their property stated that, the property would be an easy sell due to the location the quality of the home, that was a year and a half ago.
The over arching reason why the house has not sold yet is that in this specific area, Stamford, Connecticut, had an incredibly high property rate. So much so, that potential buyers were looking over Ken’s home because they did not want to inherit such a high property tax rate. An incredible amount of money and time had been put in by Ken and the realtor agent’s in attempts to the sell the home. These efforts included extensive marketing and substantial property listing price reductions. Ken and his wife are now in a vulnerable situation. As they grow older and dip more and more into their retirements, in order to pay the taxes on the home, they are becoming concerned about financial burden the house holds. After realizing that the house would not be an easy sell, Ken lost close to 30 K on selling the condo he had closed on in New Hampshire. Between these expenses, and the continuous tax property expense, there will come a time in the near future where Ken and his wife will be forced to take a considerable loss on their home in order to just sell.
Ken also said that because of this increase in property tax, his house is valued at 100,000 K less than it was only three years ago when the couple began to consider selling the home. Ken is not alone in this struggle, he says that around 40% of the other homes in Stamford are up for sale and there are similar patterns in the property listing life time. This is a problem that reaches much further than Stamford, Connecticut. The bottom line is that may Americans across the country are having the same struggle due to increased property taxing.