Crashing Home Value...Rising Rising Property Tax
The following is a true story from Velusia County, Florida....where Dayona Beach is located.
A close personal friend just got his tax statement and was shocked when he reviewed it.
The appraised market value of his home dropped from over $1.5 Million to $1.15 million or a decrease in market value of approximately $400K. One would expect with such a sharp drop in home value the property taxes would drop as about 20-30%.
Not even close....the property tax increased from slightly over $12K to almost $14K. Simply to generate the same budget as last year, the city property taxes alone increased 23%.....23%!!!!!
In a letter the county property appraiser wrote the following to residents:
I fear many homeowners do not realize the danger this poses to family wallets this year.
County and City Council members, School Board members....are the sole legal authority to hold budget hearings and decide "what taxes will be." That is why they are called 'Taxing Authorities."
...throughout the "bubble and bust" real estate market, most taxing authority spending (levies) far exceeded increases in the personal income of Volusia's property owners.
It is refreshing to hear a public official be so candid......
Many of the residents of Volusia County have actually seen their incomes decline substantially over the past few years as the tourist business and other businesses in Daytona declined materially.
America is in crisis...not because of health care reform or whether our President wants to speak to our children. Our nation is in crisis because the bankers have cut off credit and money is evaporating. There is no money of health care as our government is running a $2 Trillion dollar deficit. Instead of making it easier on the citizens and businesses, bankers and government are squeezing the taxpayers for more and more until they can no longer afford to pay and are Zombulated.
If this continues much longer...the nation will be broke. Every time property taxes on a house increases $1000, it decreases the affordibility about $15 to $20K. Imagine the economic impact on an entire neighborhood, city or county.
By tightening credit, raising interest rates, and raising taxes....Americans are left with less and less. Sales to our businesses are contracting and job losses and wage cuts are spiraling upwards. The combination of tighter credit, higher taxes and fewer jobs is gutting our nation's economy.....if we don't stop the Zombulator, it will not be long before we have no economy left.
Each day Benny Bin Laden lets bailed out bankers squeeze the citizens and businesses of America tighter and tighter, it is another day Benny B is an accomplice to economic terrorism towards our nation.