Posted on 04/26/2008 3:02:03 AM PDT by shrinkermd
Arizona has been hit hard hit by the real-estate bust, with the average home value down 17% in a year and a record number of foreclosures. So Democratic Governor Janet Napolitano has devised a clever way to revive the housing market: Raise property taxes.
Last week Ms. Napolitano vetoed a bill that would have made a two-year suspension of the state property tax permanent. "It's untimely. It's untenable. It's unwise," she said of her untimely and unwise veto. So as housing values slide, Arizonans next year will get walloped with an extra $250 million property tax bill.
Arizona is one of a growing list of states and big cities looking to raise taxes on homes to close budget gaps in 2008 and 2009. Housing values are expected to decline by $1.2 trillion this year, according to Global Insight Inc., an economic consulting firm, and that means tens of billions of dollars in lost taxes.
In recent weeks, Fairfax County in northern Virginia, Washington state, Chicago and Memphis have announced proposals to increase residential property tax rates to offset declining revenues. So at the very time that states and cities are begging for money from Washington to help distressed homeowners pay their mortgages, property tax hikes could push hundreds of thousands of homeowners under water.
Higher property taxes impose a double whammy on those at risk of losing their homes. First, they act as a tax surcharge on homeownership. And second, when the tax hikes aren't tied to better public services, they reduce housing values, thus reducing owner equity.
(Excerpt) Read more at online.wsj.com ...
Mind blowing.If the tax payers revolted all the police state would do is make an example out of each and every one of them.Sad but true.
I guess what really infuriates most people is that elections at the local level really don't matter. We could replace D's with R's and our taxes will still go up, or go vice versa and get yet another tax increase. Of course, the government is looking to bail out only the foolish, irresponsible parties, while all of the people who lose their homes due to their inability to cope with escalating property taxes remain in the shadows.
If Congress actually cared, it would propose, and states would ratify, a Constitutional amendment that would ban at the very least property taxes on one's primary residence. Let the tax burden be shared amongst all the people living in a particular jurisdiction instead.
Like I can go to my employer and demand a 5% contribution hike to my 401k because the market value has declined by 5%--- not! Just once I'd like to see a poltician give a different two Americas speech-- one America who pays the taxes and another America who consumes them. Or a bold solution such as this!
The America that pays them is getting near collapse, I'll tell you. Most of the middle and upper middle class people around me, as well as my co-workers in the company I work for, work extremely hard, put in lots of hours, and have both members of the family working. These are well off people, but not rich by any meaning of the term.
They are the ones who Democrats (and some traitorous Republicans) villify as the "rich", or at least who the welfare class believes are the rich. There's no way they can work harder. At some point, Atlas is going to shrug, and the politicians are going to have to scramble to figure out how they adapt.
You need to read this.
It would be interesting what would happen if the producers in this country said no for once and leave the whiners and problem children politicians to fend for themselves.
Look, you ALL had a choice. You COULD have voted for Ron Paul....for a CHANGE.
All tax payers should revolt. Just think of all your hard earned money that is wasted by all forms of government abuse in this country. Who punishes them. Nobody.
a poltician give a different two Americas speech— one America who pays the taxes and another America who consumes them.
point
When my property taxes exceeded $6000 a year on a tiny 2 bedroom house, I revolted the only way I could and left the state. I don’t miss New Jersey one bit.
Typical dumba$$ demoncrat solution.
I think they should lower our mortgage rates by at least one percent for those of us paying faithfully each month-—ha—that will never see the light of day.
How does Butch intend to raise our property taxes when valuations have gone way down and the taxes are based on the full and limited cash values (in Arizona)? I suppose when the economy fully recovers it will be like sticker shock once the property is reassessed each year.
It’s bad enough looking at my Arizona Public Service bill and seeing all of the taxes we pay. Not to mention all other services have/are raising their rates—water, trash, etc.
Property taxes are simply a way to keep us all forever enslaved.Indianapolis Star had an article recently about the fellow,now 82,who finds the house he bought in 1968 for $12,000 valued at over $300,000 and with a hugely increased tax rate.So the property taxes are actually being compounded.Persons who bought a home they could afford now are being taxed out of that home to support bloated government payrolls.<pNo one in government seriously proposes layoffs and cutbacks,as happens to any other business in bad times.
Everyone with an IQ above that of a snake, should know that when you elect Democrats, they raise your taxes, yet they keep voting to have more money taken out of their pockets.
I just don’t understand that behavior. Is that “Battered Taxpayer Syndrome” or something?
“Everyone with an IQ above that of a snake, should know that when you elect Democrats, they raise your taxes, yet they keep voting to have more money taken out of their pockets.
I just don’t understand that behavior. Is that “Battered Taxpayer Syndrome” or something?”
You OBVIOUSLY just don’t get it...
Democrats say that voting for Republicans is “Against America’s Economic Interests”.
You didn’t need that money, anyway, and they can buy votes with it, so all is good, right?
Yes, you are right. The issue really results from a situation where envious, angry people want to punish success. When they are taxing a few to benefit the many they are wildly popular.
Things change when they tax the many to benefit the few—namely themselves and the government employees.
Every year its +10% -- +12% higher and it *all* (95%) goes to and is because of freaking (cough) 'public servant' PENSIONS! Elementary school teachers, High School teachers, county Community College teachers, Fire District worker pensions, Forest Preserve workers pensions, etc, etc, etc. -- all of em feeding on the public trough.
In the olden days a 10% raise per year was pretty much sop. But not now, not for a looooooong time. To boot our EAV was raised by the county based on those old pre-bubble values - I can't wait to get our next bill, which is coming soon.
A better deal on mortgages through al Qaeda?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.