Submitted by A__SPIDER t3_yqrdvf in massachusetts
Comments
sihtydaernacuoytihsy t1_ivq9dv8 wrote
Yah as soon as people start having houses with >$1m in appreciation they start thinking this tax will kill them.
(How dare the state fund public expenditure by raising the taxes on the sale of my $1,400,000 home, which I purchased 25 years ago for $300,000, by $4,000! Do you know how much bananas cost, Michael?)
[deleted] t1_ivrda89 wrote
[deleted]
gameface23 t1_ivrhtao wrote
I could be completely wrong, but I believe it’s only $4k. The tax is only on anything OVER a million, so $400,000 * .01 = $4,000.
PM_me_PMs_plox t1_ivrlzo9 wrote
Only on the appreciation after write offs. It appreciated by $1,400,000 - $300,000 = $1,100,000. Then you get to write off at least $250,000, so you're only taxed on at most $850,000 and the law doesn't even apply to you. (Unless you make more than $150,000 some other way. So in order to even hit that $4k in taxes you'd need to have a salary of $550k in addition to all this, or more if you're married.)
georgvontrap t1_ivrsvp6 wrote
Dang thanks for that reminder/clarification, you’re totally right
PM_me_PMs_plox t1_ivru293 wrote
On Cape we know all about house price appreciation... unfortunately...
Quirky_Butterfly_946 t1_ivq79o1 wrote
Yup, many generations and a long history in Gloucester and Beverly. I was the last of my family to leave because I could not afford to live in my hometown and MA in general.
StrawHat89 t1_ivqfvz0 wrote
Did my part, though I spent my first 30 years of life in Boston.
Squiggs19 t1_ivq0b1e wrote
Nah, between Ipswich, Topsfield, Middleton, Newburyport and Amersbury, ect. I'm not surprised at all. Plus gentrification has been coming strong for the North shore.
fireball_jones t1_ivqa50c wrote
Yeah the whole coast from Beverly up to NH is $5-$45 million dollar houses, this isn't surprising at all.
chevalier716 t1_ivqmi55 wrote
If you look at the Globe map (paywall), it goes by town. The coastal North Shore was pretty behind it, Rowley, Newbury (not Newburyport), Salisbury, and Marblehead being exceptions. Seems the interior suburbs, like Danvers, Peabody, and Saugus, are where the real millionaires live.
Pard22 t1_ivqcbxo wrote
Saugus is a red town for some unknown reason. It’s mainly working class people.
melanarchy t1_ivqkpjy wrote
Saugus was a sundown town and a lot of that legacy still lives on. People there collectively flipped their shit at the idea of changing their racist mascot because "heritage" even though nobody in town has ever even met a Native person.
A__SPIDER OP t1_ivq85yx wrote
Fair enough, I thought the Merrimac valley would even it out. I hate how much this area is changing but it’s the same across the state
ggtffhhhjhg t1_ivtrzv7 wrote
Andover, N. Andover and West Boxford are some of the wealthiest parts of the state.
ggtffhhhjhg t1_ivtrjff wrote
There are probably 7-10 towns in Essex county wealthier than the towns you listed.
Squiggs19 t1_ivu3sc6 wrote
Wasn't just about wealth
PakkyT t1_ivpvc4o wrote
A lot of horse farms up that way. Horse farms mean money. Money means no-like taxes.
SkipAd54321 t1_ivq99t1 wrote
This is one of the most affluent counties in MA!
A__SPIDER OP t1_ivqc2ti wrote
I guess I didn’t realize? I’m in the Haverhill area, it doesn’t look so great from here.
The_Infinite_Cool t1_ivsmnod wrote
While I adore Haverhill, even here they voted 52-48 against. Make no sense, none of our homes will ever get to that level of appreciation.
goPACK17 t1_ivqesot wrote
I always wondered how Essex county got the stereotype of being the richies of MA, meanwhile Newton, Sudbury, Weston, Dover, Concord, Carlisle, Wayland, Wellesley, Needham, and company are all out there in Middlesex 🤔
North_Shore_Fellow t1_ivqpzrc wrote
it was the Gold Coast https://coastalbyway.org/communities/beverly/gold-coast/
lorcan-mt t1_ivq9alv wrote
Same rate as the state average?
A__SPIDER OP t1_ivqc4yq wrote
Opposite
kissmekate48 t1_ivqjkns wrote
It's only a slight shift from other counties, but you just need a few greedy and/or not very smart people to sway the results.
nonitalic t1_ivr00rj wrote
Why are people in this thread talking like wealthier areas are more likely to vote no? Middlesex county voted yes (2nd in per capita income), and Bristol county voted no (2nd to last in per capita income).
Lots of people vote according to their politics, not their self interest.
A__SPIDER OP t1_ivr640e wrote
Thanks, my husband is from Middlesex county and it’s a lot richer imo. But I’m nearing 40, so I remember when Ipswich and Rowley were farms and poor folk and Newburyport was livable at the poverty line. It’s just always seemed very liberal to me here.
Whole-Ocelot3622 t1_ivtbv3b wrote
LOL they were rich people places then too
A__SPIDER OP t1_ivtfupr wrote
I mean, we weren’t. My family has been in Rowley since it was founded. I guess it’s just confirmation bias 🤷♀️
Old_Gods978 t1_ivqy3mg wrote
It’s gentrified and full of the type of upper middle class liberals with BLM and “in this house” signs that call the cops if they see a Hispanic person and vote against any sort of housing.
These people would do some pretty extreme things to keep their housing prices up, their kids on track for Harvard and their job remote
A__SPIDER OP t1_ivr5qc7 wrote
Just a reminder that the Merrimac Valley is part of Essex county and we are full of Hispanics…actually, come to think of it Hispanics statistically vote conservative so that might be my answer.
gpmodel3 t1_ivq3nbu wrote
Massachusetts. Where you’re punished for being successful. That’s coming from someone who isn’t remotely close to being a millionaire.
Plies- t1_ivq4a0x wrote
Hell yeah brother. Fuck the fact that people making over a million now need to pay their fair share in taxes.
patriots317 t1_ivua9lf wrote
Or they’ll just leave. And the state won’t attract other wealthy individuals. It was a lazy law made to make average people feel warm and fuzzy. I’m fine with a progressive tax rate. Increasing the amount taxed over a million by 80% was dumb and will hurt the state in the long run.
h_to_tha_o_v t1_ivqmieq wrote
We're talking about a 4% increase only on the dollars over a million. So if you made $2 million, $40,000 more. Overall a 2% increase in that example.
The quality of life difference those dollars make at that level is negligible.
If you want to bitch about taxes, let's start with the gas tax.
dogmom603 t1_ivqvev7 wrote
Last I checked, 4% increase on a 5% tax is an 80% increase.
FeralGinger t1_ivpvmgp wrote
I'm not.
As a Gloucester native born and bred, I've watched my local population become more and more like the Rockport "I got mine, now fuck all of you"
It sucks when your history, your family, your friends, and your job are all in a town you now have to leave at 40 years old because you've been priced out.
For the record, fuck gentrification.