County Property Taxes
Like you, we have recently started receiving property tax statements. As I recall, our real estate tax structure is based on an Ad Valorem basis. I think it is a Latin term meaning 'according to value'. Churches and other nonprofit facilities are not taxed on this basis, but for the most part, all other facilities are. Property worth more is taxed more and so on. This is a credible and fair approach.
Some of you may have noticed that recently our country's economy has not only stopped growing but has begun to turn inward. Durable goods costs and values have gone down. Real Estate values have gone down and many blue chip and other direct stocks have gone down. I have even heard of a foreclosure or two. Most of the private industry appears to be responsibly reacting to this economy by downsizing, wage freezing, cancelling bonuses and other thoughtful ways to deal with this. They want their companies to survive, I suppose. I understand that the, now flat but once booming, housing industry created many roads, utilities and emergency services areas that must now be monitored and maintained even though they are vacant. But, those houses and other buildings whether sold or not still belong to someone who is responsible for paying their Ad Valorem tax. That means the Counties are getting the same usual Ad Valorem tax on them as in the boom days.
Taxes are a good thing and I believe in the system, but the county property tax statements, we received, show an increase in value and get this, an increase in the amount of taxes due. I have questions that are part rhetoric and part genuine:
Why is it that property taxes increase almost without fail? Why is last year's revenue now deficient and additional revenue is needed? What has increased? Shouldn't the county and all other governmental bodies be following this economy, too?