As properties disappear, so will the property taxes they generate. That lost revenue could impact school districts and municipal services
eople are becoming increasingly worried about how they’ll be impacted when rising seas swallow up coastal properties. For starters, there are the homeowners who live on the threatened land. And then there are the mortgage lenders and home insurers who have a financial stake in those properties. But indirectly, anyone who relies on public education, fire departments, and other municipal services should be concerned when parcels of land fall below the tide line.
“Our ancestors decided to build [there] because we thought it was safe,” says Don Bain, a senior advisor at Climate Central, in a press call ahead of the report’s release. When waters encroach on those communities, the problem “gets worse, very fast.”Not every coastal region, however, has the same risk level. Consider that the model shows a global average sea-level increase of 8.4 inches between 2000 and 2050.
When tides take over the land, the people who live there must shoulder the financial burden in several ways. First is the immediate emergency expenses and infrastructure repair costs. On top of that are systemic revenue declines, as property values depreciate and the tax base shrinks as people migrate away from eroding coastal land. The report notes that when properties are abandoned, their costs are likely to fall to the government, adding new expenses.
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