That's still huge. Imagine your rate going from $0.7690 (what it is now) to $0.9684!
That won't happen because HB 1412 (which allowed the council to override the cap) didn't pass the Senate. The only thing they can do now is raise the rate a little over seven cents.
Look at the last bulleted item on slide 12 in the attachment below. You will see that in order to fund the current 14 million dollar budget shortfall that Wicomico will have to raise the Real Property Tax Rate 20X. The slide shows that to make-up the 7 million dollar rebasing - it would require a 10 fold increase. So to make-up for a 14 million dollar shortfall would be double that rate.
Pollitt was out of order in trying to hush-up GA Harrison during his testimony when he alluded to the 7 million dollar budget amendment to HB1412 during the budget presentation at the Civic Center. GA's questioning of the budget amendment announcement regarding the 7 million MOE should have been explained more throughly by Pollitt.
http://www.wicomicocounty.org/news/2012_news/CountyExecutive_PublicMeeting041212.pdf
A receivership of some sort is certainly not out of the realm of reality and may be in very short order if a special session is not called or a waiver is not issued.
New Posts to fall below.
9 comments:
Bend over and say AHHHHH!!!!
I left Wicomico County 5 years ago, miss it... Miss people I love there, everytime I see, hear this stuff.... After living there most of my life,
Glad Im gone.
Ohh by the way, Gangs are so bad there now, I hear govenor is taking money away from small departments to give to bigger ones for Gang task forces....
Good luck everyone.
Rate hike will force lots of us to leave. won't matter what loss you have to take on the realestate. Let Slick Ricky choke on that one.
Is bankruptcy or some other form of this really and truly possible? What is going to happen. You can't hike property taxes 20X.. that would mean I would pay over $100,000 in property taxes for my house alone--I would go bankrupt myself and the house would be unsellable as anyone who bought it would be stuck with outrageous property taxes
Can someone give me an idea what is going to happen?
Loans will be given to States just as the IMF loans money to poor countries in Europe and Africa. So the Fed will go print some money (ie. type numbers into a computer keyboard) and we will pay them back for the money they created for us plus interest. That is what will happen. More taxes, but not 20 times more. We will thank the Fed for "helping us".
Hello Joe, Do you have any idea how much the property taxes might go up?
I called one of the commissioners and she told me it would be a major increase for all property owners in the County.
Do you know how much on a house that has an assessment of 150,000? This has me really worried. I am struggling just to make ends meet now. I think it will definitely affect anyone trying to buy or sell a home. I think other counties like Dorchester are also in the same situation as us. Thanks to bringing this matter to our attention! I for one appreciate all that you do!!!
The town of princess Anne may be in the same doomsday predicament due to their proposed over spending budget with lower assessed values. Live within your means.
No wonder Moody's has Maryland on a negative watch list. I would to given the fact that Maryland can wipe out the local income tax collections from any of its counties on one fell swoop for failing to meet MOE. Moody's also recognizes that means negative exposure for all local bonding deals and creates an impediment to repaying municipal loans.
There goes Wicomico's real estate market. No one will ever be able to sell anything in and around Wicomico under these conditions.
Absolutely horrifying scenario.
No wonder all of the businesses have left.
Post a Comment