[RP TownTalk] Tax-cap correction

[Lou King]

I don't know what the schedule is for adjusting the assessed value to 
match the appraised value, but with the flattening of the housing 
market, tax revenue for the city are going to take a hit at some point 
(without an upward adjustment in the rate). Home owners of course think 
this is a double whammy, lower values AND higher taxes.

I assume assessed value and revenue lag market value, and that it is 
politically difficult/hard/imposable to raise real estate taxes in a 
falling market. As a result I see city revenues taking a hit in the next 
year or two.  With people wanting more services and less $$ to maintain 
the status quo, there are difficult/hart/imposable budget decisions 
coming up.

You think this is convoluted? read the budget, sit through a budget 
meeting! That is where the decisions are made. The pay for attending 
meetings like this I think should be 100s of dollars per meeting not 
100s of dollars per month.

Today is dumb and glum.

Lou

Vernon Archer wrote:
> I wish to make a correction to the budget document cited in the 
> discussion about cleanup and policing. That document inaccurately states 
> that the tax cap is $.56 per $100.  That is the actual general tax rate, 
> but the cap is $.75 per $100.  Assessments have gone up so rapidly over 
> the last few years that I have proposed and the council has agreed to 
> keep the actual rate lower than the cap. 
> 
> -- 
> Vernon Archer, Mayor
> Town of Riverdale Park, Maryland
> 
> 
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