Rising property taxes can often squeeze homeowners out of neighborhoods that they have lived in for years. And they can also force small business owners to sell their businesses. Such is the case of a 117 year old family owned amusement park outside of Washington, DC. From the Washington Post via Cato-at-Liberty:
For 117 summers, generations of children have frolicked through Trimper's Rides on this beach resort town's signature boardwalk. But this Memorial Day weekend might begin the last summer they circle the antique wooden carousel, fling around the Tilt-a-Whirl and loop through the Tidal Wave roller coaster.The Trimpers say they are considering closing the amusement park and arcade this year.
As Ocean City has exploded into a megaresort, property taxes have soared for Trimper's, which operates on the last chunk of undeveloped land on the town's three-mile boardwalk. In the past three years, family members said, their assessed property value has tripled, from $21 million to $65 million.
So the family is now torn over the possibility of having to sell the business because they just can't generate enough revenue to pay for the property taxes. I know, I know. Don't cry for them -- after all they now own land that is worth $65 million. But, if you read the rest of the story, you will hear a message that I hear over and over -- it just isn't all about the money. This is a century old family business. They take joy and pride in providing good family entertainment and good jobs.
Yet another example of public policy that is blind to our entrepreneurial economy.
(Thanks to Bill Hobbs for passing this along).
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