In these turbulent economic times, it is nice to know that my local government is not broke. In fact, Prince William County is weathering the economy just fine. How do I know? I attended a budget meeting held by my local supervisor, Wally Covington, last night.
So here's what I found out at last night's meeting:
- Prince William County has been saving for a rainy day. $26.2 Million worth. They are reportedly offsetting shortfalls in property taxes with it for the next few years.
- The County also has been saving for a catastrophe. $63 Million! This will be used in the event of, "A Hurricane Katrina-like disaster."
- Our tax rate, despite this TREMENDOUS amount of savings, was INCREASED. From 97cents per hundred to 1.198 per hundred.
If you are a homeowner in Prince William County, your total tax bill should decrease, according to these County executives, over the next few years. Then it will increase. Property assessments are decreasing right now. But from the sounds of the himming and hawing going on over the upcoming 2009 assessments, I'm not holding my breath on a reduced tax bill.
You see, one particular County executive who was involved in reassessing for 2009 was very clear. The County does NOT consider the market value of your home what you need to sell it for, while competing with foreclosures and short sales. To them, that is not reality...despite the fact that we are living it every stinking day. So they are interpolating a different reality...to the end that puts more money in their pockets.
I am a Realtor. This inference of market value NOT being what someone would currently pay for a home made me want to jump out of my seat and do my best Kathy Bates impression from the movie Misery. HAVE YOU ALL GONE MAD? WHAT SOMEONE WILL PAY FOR A HOME IS MARKET VALUE!!
We can expect to see our 2009 assessments any day. Don't be surprised if it's well above a REAL market value. Personally, I won't be surprised if my tax bil is the same or higher.
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