Record windfall of local property taxes

Given the recent story in the Marietta Daily Journal reporting that Cobb County may be collecting another $32 million in property taxes in 2014, your state and local governments will soon be rolling in so much cash they might be finding new ways of wasting (i.e., spending) it as fast as they get it on frivolous expenditures…so as always, it remains your responsibility to watch them and make sure they don’t waste money. Government does one thing very well – spend money!

(1) Foreign investors (see my previous blog post Property taxes rise due to foreign investment) where many non-US investors from China, Australia, etc,. bought many properties during the downturn and these investors are not eligible for a property tax exemption.

(2) Property values are also rising in several communities which will then result in more local revenue because property taxes are normally based on property values and current millage rates.

(3) Local investors have bought many remaining distressed properties and are renting them out to tenants and these landlords aren’t eligible for a property tax exemption.

You must also be aware of any millage rate increase that was enacted, implemented, or would go into effect after recent local communities tried to compensate for the property value downturn since 2007 property values increased based in the shortage of property tax receipts. I would guess that the millage rate will not be lowered again to compensate for the rise in property values, would it?

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