The concept of rising sea levels has become more common in American news over the past decades, and has become a consistent point of concern for politicians and civilians alike. Many news outlets focus on changes that need to be made to slow or halt rising sea levels to prevent future catastrophes from taking place. But while there is much concern and planning for the future, how are rising sea levels affecting New Hampshire—specifically, the New Hampshire real estate market– today?
A new report prepared by researchers from Columbia University and the First Street Foundation shows that while New Hampshire has the least amount of “tide influenced coastline” among New England states, rising sea levels over past years have already caused tidal flooding to increase by 260% since 2000. Translated to the real estate market, this means New Hampshire properties have decreased in value by some $15 million during that time, with some 26,000 properties now at risk from frequent tidal flooding.
This report demonstrates that the most impacted municipality by rising sea levels in New Hampshire is consistently (and somewhat unsurprisingly) Hampton Beach, located along the Atlantic coastline in the southeastern portion of the state. Other municipalities affected by increased flooding and water damage include Hampton, Exeter, Dover, and Portsmouth.
Unfortunately, it does not appear that the topic of rising sea levels will disappear from news and conversations any time soon. Projections indicate that rising sea levels will likely only become more intense in coming years, meaning more New Hampshire properties could be at risk of seeing reduced real estate values.
If you are a property owner that has seen a diminution in the value of your real estate as a result of rising sea levels or other similar act of nature, you may be a candidate for a reduction on property taxes or for a real estate tax refund (aka real estate tax abatement) for overpaid property taxes. For more information, please contact Paul Alfano at paul@alfanolawoffice.com or (603) 226-1188.