Do we really have property rights?

The rights of property owners through out the United States have been under attack since last summer, when the US Supreme Court issued it's ruling in New London v Kelo, where the rights of the property owners were subrogated against the interests of big business. Suzanne Kelo, who lead the fight against the city of New London, CT to take her home by eminent domain, has finally been evicted from her home by a 5-2 vote of the City Council.

New Hampshire knows well the effects this may have on it's own property owners, as a Californian tried to take the home of NH's own Supreme, David Souter in Weare, for a hotel. Of course this initiative failed, but continues to illustrate the new need for a comprehensive constitutional amendment upholding the rights of property owners.

I grew up in the lakes region, and have enjoyed many a summer cruising the lakes, and having fun at the lakeside homes of dear friends. But imagine if a company came to NH, and wanted to establish a huge hotel complex on one of our pristine lakes? The incentives to property owners to sell out could be enormous. The incentives to have the town take your property away could be even bigger. Such a company could promise higher tax revenue from rooms & meals taxes to the state, and increased property taxes to the town, along with the promise of possible jobs for the community. What town wouldn't give this idea a good long thought?

Now, understand that I'm all for creating business. The addition of new businesses creates new revenue in the community, jobs, and also increases the tax base of the town. However, when a town takes private property thru eminent domain for the purpose of giving it to a commercial enterprise, I have to draw the line. This is not in the best tradition of business in the US.

As a residental real estate investor, my propery generates very low property taxes. But as with any commerical venture, property taxes would skyrocket. I now think twice when I see a property I consider buying.