In 2012, $85.9 million in real estate tax revenue was budgeted. But last night, when Northampton County Council adopted its no-tax hike budget, they had to revise their real estate tax revenue projection downwards, from $85.37 million to $84.97 million.
It's going the wrong way.
According to President John Cusick, that's a first for him. "Some of you might want to think about reassessment," he suggested.
12 comments:
It's going the right way.
-Clem
Reassessment is past due and needed. Mr. Cusick is right. There is no more development happening and there won't be in the foreseeable future. Yet costs are rising. The last assessment was decades ago.
It's going the wrong way because those that can afford it are appealing their assessments and winning - thus dropping revenue. That's what happens when a county-wide reassessment is put off for too long.
The end result? Tax hikes on all to pay for those who have gotten their property's assessed value lowered.
Reassess away. All of the development 10 years ago in Bethlehem Township and Forks will be assessed LOWER.
With the real estate market being depressed, why would anyone want a reassessment now? What kind of nut jobs did we elect? What does this Cusick guy do for a living? You lower the assesed values of properties and then you raise the millage rate to make up for the lost revenues. Dum dee dum dum doesn't realize you can only raise 10% more revenues when you due a reassessment. That probably won't be enough to help the County out of their financial mess. Hopefully, we can vote these guys out of office on the next round. We only get we are willing to pay for. Low salaries begets poor office holders.
Actually, doing a re-assessment to raise revenues is just dead wrong. You do it for fairness, so all are treated the same. I thinks the number of appeals reveal that it is no longer fair. Cusick is right, but for the wrong reason.
This whole issue is so misunderstod. Reassessment has nothing to do with taxes. Taxes don't have to go up just becasue of reassessment. For example, if the county receives $1mm in taxes at 5 mils on an assessed value of $100 mm (all hypothetical) and a new assessment places the assessed value at $200mm then taxes would go down to 2.5 mils to net the same $1mm in revenue.
The problem today is that the reassessment board is awarding lower assessments on those appealed but they shouldn't be becasue everyone knows that the value of real estate is down for everyone not just those that appeal.
"Actually, doing a re-assessment to raise revenues is just dead wrong. You do it for fairness .... "
Can't be better said.
9:57 -
Yes, it's a down market. Then it goes up and nobody wants to reassess because the market is too high.
There are ratios that tell you when the overall assessment is out of line. Reassess when they are. If the market changes and the ratios get out of whack again, do it again.
Here's a helpful hint - don't wait decades between reassessments and the taxpayers likely won't experience big swings, up or down.
the callahan group hopes the council bozos reassess. the more you screw the people noe the better callahan will look in the future
Willie Reynolds will be elected the next mayor of Bethleheem and he will take care of this trash deal.
http://wap.myfoxdetroit.com/w/main/story/79808607/
Tax base? We don't need no steeenkin tax base...
This lady should be running Gracedale. All of our problems would be solved.
-Clem
Post a Comment