Reval and other things to cost County up to $55m (2013, how much)

[GCharlotte]

Bill James is predicting (and I haven't dug in to the meeting notes) that revenue shortfalls + bond issues + reval refunds of up to $22M might cost the county up to $55M next year. Harry Jones is meeting with the towns to brief them on impacts to municipalities.

James posts the question, higher taxes or cut spending? At least govco is looking at it now and not after they cut the refund checks.

What I'm not sure about is how the statutes address revenue neutrality. Basically that is when the tax rate is adjusted to bring revenues in to what they have been after a reval. This could mean that property taxes will have to go up to maintain current standards. I'm not sure how much choice the commission has on this.

[spankys bbq]

It shouldn't be considered as costing the county anything since the revaluations were flawed to begin with. And how much money was wasted fighting with homeowners who knew the values were incorrect?

As far as getting the money "back", you can bet your tail they will be raising rates the first chance they get. Isn't it our job, after all, to fund the county for every little thing they want to do?

[GoPhils]

So, the cost of sending out refunds because property taxes were too high will likely result in property taxes increasing? Makes a lot of sense.

Are they even going to completely re-do the 2011 Revaluation or just the "selected neighborhoods" or whatever? Still seems silly if they're going to completely re-do a 2011 revaluation in 2013 when they could just do a 2013 revaluation instead. And if it's not the whole thing, you're still going to have a lot of people upset.

[GCharlotte]

Originally Posted by GoPhils

So, the cost of sending out refunds because property taxes were too high will likely result in property taxes increasing? Makes a lot of sense.

Are they even going to completely re-do the 2011 Revaluation or just the "selected neighborhoods" or whatever? Still seems silly if they're going to completely re-do a 2011 revaluation in 2013 when they could just do a 2013 revaluation instead. And if it's not the whole thing, you're still going to have a lot of people upset.

It should be a complete redo but still people are going to be upset. No one knows what Pearson is finding except it's a good bet they are going where their masters say to go. Those that complained the loudest and had the most money should see the most benefit. But will they be satisfied? I don't know.

Meanwhile the GA hasn't passed the bill to allow refunds. They probably will. Next comes finishing the redo then new bills and new appeals and maybe if enough people complain they can do it again.

[GCharlotte]

Here's more info on Bill James remarks including him saying that a reserve should be set up to avoid a tax increase. State officials said this when they filed the bill at the GA. Bill is the only one that I have heard recommend this instead of just waiting for the train to wreck before doing anything.