The Tax Man Cometh Soon to a Neighborhood Near You
November 24, 2006
An article in the November 22, 2006 Washington Post, Metro Section, reports a possible revenue pinch for Loudoun County. Kirby Bowers, the county Administrator has forewarned the Board of Supervisors that because of falling home prices that the county will be $61 million short for the 2007 budget at the current tax rate of $0.89/$1,000 of assessed value. This projection DOES take into account spending increases "although kept at a minimum" Bowers said.There are two issues here:
- Will assessed values actually decrease because home values have fallen? I will be surprised if it does. And, if it doesn't, there will be long lines of assessed value adjustment seekers!
- Will the Supervisors attempt to keep a lid on the current tax rate by cutting spending? Not a chance I say. Although, 2007 will be an election year and all nine seats will be up for grabs. It will be amusing to listen to the rhetoric spewing forth from the county Supervisor's public Chamber.
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Well said!
Here is one of the biggest reasons there won't be any real estate tax cuts in the near future:
http://www.washingtonpost.com/wp-dyn/content/article/2006/05/20/AR2006052001344.html
Families in Loudoun are having too many children. It costs more than $12k per year to educate each child. Real Estate taxes on the average house don't come close to the revenue required to educate 1 child let alone 4 or 5.
When the tax bill arrives be thankful that you live in a community with good public schools that keep your property values up. If you have a half dozen little monsters write the check with a big smile on your face knowing that you are getting quite a deal indeed.
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