The results of a study indicate that Lamoille County second homeowners contribute $47.7 million per year to the Lamoille County economy.
Of that, $17.4 million are paid in property taxes per year ‘ with Stowe accounting for 71 percent. Second homeowners who own condominiums or townhouses spent $11.8 million in associate dues and related fees. The study found $5 million was spent on fuel and groceries. Additionally, Lamoille County second homeowners spend about $4.5 million on restaurant dining, $330 thousand on ski passes, and $25 thousand on hunting and fishing licenses.
Second homeowners also contribute to the well being of the community. 54 percent donate money to social causes and 18 percent volunteer for various charities, the arts, music and other social causes.
The study concluded that second homeowners contribute strongly, both socially and economically, to the wellbeing of Lamoille County. More than half donate to charitable organizations and social events, and roughly 1 in 5 volunteer their time. They generate revenue for numerous industries including ski and recreation, hunting and fishing, food service, maintenance, and grocery. The second home owners also pay considerably higher property taxes than normal residents, which translates into a large amount of tax revenue for Lamoille County.
This study was formulated and carried out by a group of Johnson State College students, working in conjunction with the Lamoille County Planning Commission and the Lamoille County Economic Development Corporation. The goal of the research was to determine the social and economic impact of second homeowners in Lamoille County.