wen0715のブログ

Of property taxes and escarpins louboutin pps'


I do find it instructive that news of portland public schools' $548 million"Bond behemoth" (As the oregonian called it in their print edition headline)Arrived while i am about to pay property taxes.I own two properties in multnomah county:My home and a single family rental residence in se portland.As betsy hammomnd in her oregonian article on pps' proposal reports(Here):

District leaders propose to pay for the halfbillionplus of school retrofits and upgrades on a nearly payasyougo basis.The owner of an average home would pay about $350 a year, with all property owners charged about $2 per $1, 000 of assessed value each year, district officials estimate.

Unlike with most bond issues, which are repaid over 15 or 20 years, district leaders say they would finance most of the $548 million with shortterm one and twoyear bonds.That would allow them to avoid most interest charges and emerge at the end of the six years with less than $100 million in longterm debt.

My property tax statement, the market value of my home dropped from $316, 660 last year to $299, 350 this year(Down $17, 310, or 5.4%).If i, or someone else who might buy my house at market value, had to pay for pps proposed bond measure based on that value, it would cost $598.70 per year or $49.81 per month.However, because i have owned the house for a long time, i am not taxed at it full market value.This year's"Taxable"Assessed value is $159, 820.Thus paying for pps' proposal would cost $319.64 per year or $26.63 per month.

The value of my three bedroom rental property in se portland dropped from $245, 600 to $234, 430(Down $11, 170, or 4.5%).If i, or someone else who might buy my rental house at market value, had to pay for pps proposed bond measure based on that value, it would cost $468.90 per year or $39.08 per month.However, because i have owned this rental house for a long time, i am not taxed at it full market value.This year's"Taxable"Assessed value is $126, 430.Thus paying for pps' proposal would cost $252.86 per year or $21.07 per month.Of course, it would be up for grabs whether i paid that amount or could pass the costs on to the tenants by raising the rent.

Given such declining real estate values, and the substantial payments needed to support pps' proposed bond measure, i am surprised by what hammond further reports:

And a poll commissioned by the school district and conducted in september found district voters leaning 65to32 in favor of a $500 million bond home measure for schools.That came despite the fact only 3 percent of those polled said the district does an excellent job of money management while half gave the district negative marks for watching its finances.

The poll, conducted by davis, hibbitts midghall, found that most voters believe the district schools, which average 65 years old, are truly in poor shape and need to be modernized.Likely voters were in strongest agreement with this statement: "Good quality schools are essential to maintaining strong neighborhoods and property values,"So portland residents should expect to hear a lot about that in the coming christian louboutin pas cher femme months.

The question, i think, is whether district voters will support the bond measure for schools that even after the facility improvements will remain second rate or, as i put it in my prior post,"Outdated and inefficient" (Here).

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