Does LTT help retirees and farmers?
Due to the long-term neglect of schools, smaller class size requirements (more teachers and more classrooms), and growth, the county is forced to raise taxes one way or another. The alternative to LTT is to raise property taxes. This is difficult for farmers and retirees on fixed incomes. They face ever-increasing property taxes. LTT is really a deferred property tax. Instead of paying higher property taxes now, wait till you sell your house and pay taxes when you actually have the money. If you never sell, you’ll never be taxed by LTT. Also, inherited property is not taxed by LTT.
