Quincy News: Sea Level Rise Has Eroded $400 Million In Regional Home Values, Study Says

Property values hit by tsunami
A barrons.com image
– News covered by Quincy Quarry News.

Sea level rise has eroded $400 million in regional home values claims research study.

Per the study, the impact of sea level rise and tidal flooding has been making waves on the real estate market of coastal New England.

Surf’s up! See also shark in wave
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Actually, more like a $400 million tsunami.

In turn, as much of Quincy is low-lying and some of which is also adjacent to Boston Harbor, real estate values for such property in the Q have so taken have taken on water.

Ocean view property
A Florida Times Union/AP image
Further problematic, although not addressed in the report, as impacted Quincy properties are hit with rising water market value price declines, their assessed values will eventually also decline as market value comparables behoove the City Assessor to eventually trim low-lying properties’ assessed valuations.

As such, such will concurrently result in shifting some of the local annual property tax levy shifting onto high and dry property owners as the total citywide annual local tax levy continues to grow every year per Prop 2 1/2 calculations.

Money to burn, money burning – whatever
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Additionally, these same high and dry taxpayers are likely to also be left even further high and dry from being also tuck with covering some of the costs to pay for upgrading local seawalls and other flooding protection infrastructure so as to better protect those enjoying waterfront views and fresh onshore breezes.

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