They need $7,500 per resident and, according to the article, they intend to raise that money over three years. I don’t know what their property values are like but if I assume an average house price of $300k, a current tax rate of 2%, and three people per house then they’re currently getting $6,000 in property taxes per person over three years (which they need to spend on other things) and so an enormous tax increase really is necessary.
(I’m neglecting non-residential property tax payers. A tiny town like this probably doesn’t have many.)
Your back of the envelope math is good, but small towns usually have very low property values due to not being super desirable places to live (and declining populations) a realistic average would be 100k average home value. Some will be smaller, older houses and only worth around 25-50k, some will be much newer houses built in this century worth closer to 200-300k but most will be older homes that people continue to live in and maintain worth around 100k
And there’s not really any guarantee that they’re going to stop charging that money after the three years has passed because people will be used to paying it at that point.
That aside, can you imagine having to pay an extra $200 a month for your mortgage for at least three years to cover over the fact that people that work for your city sexually assaulted other people?
I don’t know the details of the case but I expect that almost everyone who works for the city is as opposed to sexual assault as any normal person is. The mistake of the city government as a whole was having so little insurance - just one million dollars. I had 500k in liability for my house and I’m only one guy.
They need $7,500 per resident and, according to the article, they intend to raise that money over three years. I don’t know what their property values are like but if I assume an average house price of $300k, a current tax rate of 2%, and three people per house then they’re currently getting $6,000 in property taxes per person over three years (which they need to spend on other things) and so an enormous tax increase really is necessary.
(I’m neglecting non-residential property tax payers. A tiny town like this probably doesn’t have many.)
Your back of the envelope math is good, but small towns usually have very low property values due to not being super desirable places to live (and declining populations) a realistic average would be 100k average home value. Some will be smaller, older houses and only worth around 25-50k, some will be much newer houses built in this century worth closer to 200-300k but most will be older homes that people continue to live in and maintain worth around 100k
And there’s not really any guarantee that they’re going to stop charging that money after the three years has passed because people will be used to paying it at that point.
That aside, can you imagine having to pay an extra $200 a month for your mortgage for at least three years to cover over the fact that people that work for your city sexually assaulted other people?
I don’t know the details of the case but I expect that almost everyone who works for the city is as opposed to sexual assault as any normal person is. The mistake of the city government as a whole was having so little insurance - just one million dollars. I had 500k in liability for my house and I’m only one guy.