Property value in Southampton could plummet due to climate change and rising sea levels that put properties at a high risk of flooding. Data from the Union of Concerned Scientists shows that Southampton is only behind Central Coast, California in having the highest risk of losing property tax revenue between now and 2030 due to climate change, reports Bloomberg.
Climate change is causing sea levels to rise and thus, more flooding occurs—especially in coastal communities. Over the next 12 years, there are “hundreds of thousands of homes and commercial properties in the U.S. at risk of being flooded at least 26 times per year” due to the rising sea levels.
While other areas of the country will experience a higher volume of flooding and a greater physical impact—especially in places like Louisiana where parts of the state are below sea level—the local government in Southampton faces a different financial problem. Right now, property taxes are high and the average cost of a home is currently around $2 million—but with the rising sea levels and subsequent flooding, that high property tax value is at risk.