To the Editor,
I understand Ned Lamont wants to have a statewide property tax which could double Greenwich property taxes. That would be devastating to Greenwich.
First of all, the money raised won’t go to Greenwich, but to a place like Hartford. Second, people buying homes have a budget. They can only afford a certain mortgage payment per month. Right now, home prices are coming down because interest rates are going up. Right now the average rate for a home is 4.7% for a 30-year fixed mortgage. Last year at this time it was 3.88%.
This means that more of your monthly payment goes to the lender, not to home owners. Therefore, the amount you can sell your property for goes down. If we get a statewide property tax, more of the monthly mortgage payment goes to the state, not to home owners. Therefore, the amount you can sell your property for goes down even more.
If you do not want to see your home values erode in Greenwich, you should not vote for Ned. Go Republican and save your property values.
Nicole Pate
Old Greenwich
