Letters to the Editor
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As someone who has just suffered through a 75% property tax increase
The first change in 6 years, in a market mind you, that's increased in price value MAYBE 5%/year, if you're really screwing those rose colored glasses on, I have to laugh a little bit at the torrent of revaluations that are going to cascade down on those bastards heads. For more than a decade we've had 8% compound population growth and the sprawl of new development in the $300-500K has been enormous. This had twofold effect. 1) it depresses the value of existing stock and 2) places most of the tax burden on new homeowners.
But the city got just a little bit greedy this time around and decided at the beginning of the year right when new housing permits plummeted and values started to fall, to double or triple dip by jacking up everyone's assessment 75%, to pay for who knows what, solid gold cop cars probably. The school board passed back to back billion dollar bonds last year so the growth in population should be sufficient to cover that debt service.
In any case it will be hysterically funny to watch the endless line of people going into revaluation negotiations with the city based on values that are dropping monthly and, based on defaults. Of course if you can't afford your mortgage you can't afford your tax escrow either so the city is going to pay through the nose to process all those liens.
So let's review:
Falling values: check
School construction continuing unabated and out of control: check
City services, e.g. police continues to be an actual profit center: check
Stage 3 water restrictions, 100+ year drought in force: check
City and county budget shortfalls on paper: check
If we're lucky it will end in a riot with the city council members heads on pikes in front of a screaming mob. Couldn't happen to a nicer bunch of crooks.
BTW if you're ever in Raleigh, NC, please note that our Mayor, Charles Meeker once defended predatory towing practices that fee split between illegal towing and the city, on TELEVISION, openly.