Ironic that a successful southern urban school system is being torn apart for being too good in its diversity policies.
Why did we merge? So some yanks could come down here and tell us we done it wrong, I guess.
I second that.
Bob, thanks for great coverage of the tides.
Present company excluded. : )
It really is not that hard to understand. Person G buys an older existing home 40 years ago in town. Person G pays property taxes for 40 years. The city grows and property taxes are raised to pay for it. The older land in the city is not being improved, simply maintained, but the older home owner lives closer to the center and in-town property values are rising. Person G pays 3 times the taxes of person X Y and Z who have recently arrived and bought out in the new suburbs. Every year a new tax rate arrives on each property owner. It is based on Valuations. Person G has little load on the city, being a small house on a small lot in an older neighborhood, but is paying more taxes than new neighbors X Y and Z, who are exhibiting a larger load on the infrastructure.
Person G gets a Million Dollar spec mansion across the street. The land value on this street is $300K based on recent sales of comparable lots in the neighborhood. Person G's new 2008 tax base will be $300K for his lot, and the house value will be rated separately and comparatively. Person G's new tax basis is now at least 3 times last valuation - for the land, plus the house value.
Persons X Y and Z valuations rise 100% because of land values in their area.
Person G renovates his home, spends half the home value to update and renovate. Speculator buys up three more houses next to the mansion and builds 3 more $1M plus homes on the street. Character of neighborhood is changed. Now speculators are looking for more lots on the street. Person G can sell home for teardown for about $450K, but not to a family to enjoy because of the changing character on the street and the huge tax bill. Technically Person G is ahead, but is also behind, as the house renovated should be worth $550K on an open stable market, like the others on the street, but the teardowns are driving a speculative market for land.
Person S objects to paying more to get into the game, even when causing huge strain on old infrastructure, and displacing a stable community who has dutifully paid high taxes to build this infrastructure, trusting that the City would protect their investment. It is a serious problem kids. This town was bought and paid for by your elder neighbors. Asking them to bear more of the burden and the risk to their investment (some planned to live in their modest home until death do us part) and moving them away from public transportation is not cool.
So my question: Koopman is the problem?
Appreciative of the factual posters out there. So many good points.
Make sure you're signed up so we can inbox you the latest.
Login to choose your subscriptions!
Indy Week • 201 W. Main St., Suite 101, Durham, NC 27701 • phone 919-286-1972 • fax 919-286-4274
RSS Feeds | Powered by Foundation