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We had one out here in my Westchester district earlier last year for replacement of roads, improved drainage on the sports fields, AC in some areas that previously hadn't had it, a new track and enhanced security. The work was largely completed over the summer break, the bidding process already having been done and contractors selected. Worked out fine.
Yeah... so I bought this awesome thingamagig yesterday with a credit card... It came, I set it up - worked out fine. well... except that I will be making minimum payments for the next 30 years to pay it back.
Yeah... so I bought this awesome thingamagig yesterday with a credit card... It came, I set it up - worked out fine. well... except that I will be making minimum payments for the next 30 years to pay it back.
And then it becomes part of your tax bill, so when your taxes go up again, you're starting with that higher amount to be paid.
I remember when Garden City floated a bond about 5-6 years ago and my neighbor who had just moved in said "oh it's only $250 a year" and I said to her "I've been ONLY $250 A YEAR-ED FOR 10 YEARS". Needless to say when I bought that house in 1997 the taxes were $4900 and they are now $15K. I shudder to think I could still own that house and be trying to sell it now.
And then it becomes part of your tax bill, so when your taxes go up again, you're starting with that higher amount to be paid.
I remember when Garden City floated a bond about 5-6 years ago and my neighbor who had just moved in said "oh it's only $250 a year" and I said to her "I've been ONLY $250 A YEAR-ED FOR 10 YEARS". Needless to say when I bought that house in 1997 the taxes were $4900 and they are now $15K. I shudder to think I could still own that house and be trying to sell it now.
Yah, any new bond is essentially a new line item on your future tax bills. I will say that some people are starting to get wise to this, but I couldn't resist replying to that particular post as it was that old way of thinking... "What's another 20 bucks a month?"
Floating bonds which end up paying for everyday expenses such as maintenance is not a good idea, though it may be necessary at the time. Districts who do this a lot end up with very poor fiscal reports and audits.
My district for many many years now has avoided floating bonds by managing funds correctly. Any surpluses are both given back to the taxpayers to help keep the next year's tax rate down a bit and also to put in reserve funds for infrastructure upkeep. We have a five year plan for repairs for each building and every year the most important ones are chosen by the board to be included in the required "use of reserve funds" proposition vote. Taxpayers know that the money is already there, it isn't going to cost them anymore and they vote yes for the repairs. Simple.
Mid-year my district may ask each department to find cuts/savings from their budget to help create the monies for the reserve fund at the end of the year. Obviously, as the reserve funds build, it gets easier to use this plan for upkeep of facilities.
I strongly disagree with the idea that school boards are there solely for the taxpayers. They are stewards of the district and that includes all staff top to bottom, students and taxpayers. A wise school board does what they can to keep everyone happy. Having adversarial relationships with any group is not good for the district or the finances of the district. If a school board wants cooperation from any one group, they must have created a working relationship ahead of time - and this is done by being fair to all over the years. Having a couple of long-term board members who understand this concept is key, so they can teach new members how to do the job right. It is the responsibility of the voters to select board members who are NOT running with a single agenda of their own, vote for members who have the time to read a lot of material and understand how it all affects the district, vote for members who can get along with others! Play nice, play fair, play smart.
Have you ever looked at school board candidates? Most are thinly-veiled friends of the union (meaning insiders), carrying out the administration's agenda. Often, they run unopposed. Taxpayers (voters) just do not understand to what level the teachers' union has hamstrung LI (NYS).
And then it becomes part of your tax bill, so when your taxes go up again, you're starting with that higher amount to be paid.
I remember when Garden City floated a bond about 5-6 years ago and my neighbor who had just moved in said "oh it's only $250 a year" and I said to her "I've been ONLY $250 A YEAR-ED FOR 10 YEARS". Needless to say when I bought that house in 1997 the taxes were $4900 and they are now $15K. I shudder to think I could still own that house and be trying to sell it now.
Yes! The one thing most taxpayers just don't think about is that property tax calculus.
Don't you just love when the tax district claims the increase is only $6 per $100 of the assement? Makes it sound so cheap for what you're getting. But the real crux of the matter is what you're saying about the compounding of the taxes.
Five years ago, my cruddy town library became a 'tax district', meaning it was now a line-item on my annual property tax bill. It also coincided with nice raises (the library's chief admin makes about $160k plus/bennies and pension) for all of the personnel. They also floated a bond issue for reno'g the libraries buildings, deeply in need of rehab. Back when this was all voted upon, town leaders claimed for only $6/assessed $100, we could have a fresh, well-equiped library. Five years and almost $2500 in additional property taxes later, we have lots of highly paid librarians, some new pc's and buildings that no longer leak.
Now I pay $450/year for the library. In ten years, I will have paid $4500, assuming it doesn't increase. What a deal...
And then it becomes part of your tax bill, so when your taxes go up again, you're starting with that higher amount to be paid.
I remember when Garden City floated a bond about 5-6 years ago and my neighbor who had just moved in said "oh it's only $250 a year" and I said to her "I've been ONLY $250 A YEAR-ED FOR 10 YEARS". Needless to say when I bought that house in 1997 the taxes were $4900 and they are now $15K. I shudder to think I could still own that house and be trying to sell it now.
Yeah... so I bought this awesome thingamagig yesterday with a credit card... It came, I set it up - worked out fine. well... except that I will be making minimum payments for the next 30 years to pay it back.
So as long as you know the APR, you did a cost-benefit analysis and you have a realistic notion of your ability to pay. As for minimum payments, thats your own empty-headed decision, not the plan here.
The alternative is waiting for these things to drop out the sky for free and for deflation to kick in bring the ever-upwards costs downwards. Sounds like a plan.
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19,219 posts, read 17,085,392 times
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Quote:
Originally Posted by mowmylawn
Yes! The one thing most taxpayers just don't think about is that property tax calculus.
Don't you just love when the tax district claims the increase is only $6 per $100 of the assement? Makes it sound so cheap for what you're getting. But the real crux of the matter is what you're saying about the compounding of the taxes.
Five years ago, my cruddy town library became a 'tax district', meaning it was now a line-item on my annual property tax bill. It also coincided with nice raises (the library's chief admin makes about $160k plus/bennies and pension) for all of the personnel. They also floated a bond issue for reno'g the libraries buildings, deeply in need of rehab. Back when this was all voted upon, town leaders claimed for only $6/assessed $100, we could have a fresh, well-equiped library. Five years and almost $2500 in additional property taxes later, we have lots of highly paid librarians, some new pc's and buildings that no longer leak.
Now I pay $450/year for the library. In ten years, I will have paid $4500, assuming it doesn't increase. What a deal...
It's funny reading the bolded part because we pay $.87 per $100 assessed. But I remember in Virginia Beach when they wanted to float a bond to cover Libraries, parks and other city features they should have been saving for.
The bond had 75% percent approval by the voting public then one day someone asked a city official "will the additional tax be removed once the bond is paid off in 20 years?" . After stammering for a moment the official said no the monies will go to the general fund (better know as the black hole of Calcutta); the bond was rejected by 75%+ of the voting public.
My question is does the town stop the special tax once the bond is paid or do they play the "well we need.." game and hope no one remembers?
It's funny reading the bolded part because we pay $.87 per $100 assessed. But I remember in Virginia Beach when they wanted to float a bond to cover Libraries, parks and other city features they should have been saving for.
The bond had 75% percent approval by the voting public then one day someone asked a city official "will the additional tax be removed once the bond is paid off in 20 years?" . After stammering for a moment the official said no the monies will go to the general fund (better know as the black hole of Calcutta); the bond was rejected by 75%+ of the voting public.
My question is does the town stop the special tax once the bond is paid or do they play the "well we need.." game and hope no one remembers?
LOL, when have you ever heard of taxes going down in NY-LI? Nope, the money goes into the black hole of Calcutta, as you say.
I think the bond issue has a 20 or 30 year maturity, so most of us will likely not be here when it does mature.
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