400 Million Dollars!
Posted on 02/13/2006 12:56:28 PM PST by Radix
VALPARAISO, Indiana (AP) -- A house estimated to be worth $121,900 was erroneously valued at $400 million.
Now officials say the glitch has resulted in budget shortfalls, and could lead to possible layoffs in municipalities and school districts.<snip>
County Treasurer Jim Murphy said the home usually carried about $1,500 in property taxes; this year, the owner was billed $8 million.<snip>
Lippens said her agency identified the mistake and told the county auditor's office how to correct it.
But the $400 million value ended up on documents that were used to calculate tax rates.<snip>
Most local officials did not learn about the mistake until Tuesday, when 18 government taxing units were asked to return a total of $3.1 million of tax money.
(Excerpt) Read more at cnn.com ...
LOL
Different headers....I did search first...oh well...still funny....
And they keep debating the impending real estate crash. What better evidence does one need?
It does begin to look like a bubble, doesn't it?
It surely does.
I can't get past it at $121,900 !
Not at all unusual if the house were in San Fransisco...
Sounds like Texas property taxes, only it's never a mistake.
8 million dollar increase in local taxes and they don't ask "where does it come from", just "where should we spend it".
Grab the money and run quickly! I think $400M in $100 bills could fill my F-250, with girls smoking cigars on top while we sneak into Baja, Mexico.
Can you imagine getting a tax bill for 8 million? Heart attack city!
This is the problem when your job is that of a thief. When you break in and the bank is empty you are in trouble!
Geez, Louise! $121.9K for this????
Or Oakland?
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