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Strategies & Market Trends : Value Investing
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To: Madharry who wrote (33117)12/25/2008 9:50:01 AM
From: anializer  Read Replies (3) of 78652
 
On Dec. 24, I received a property tax bill from the City of NY. On the bill it states " Increase of 7% in property taxes due to financial crisis." This is a retroactive bill. I had paid my property taxes in full 6 months ago for the entire year and now we find that the original bill has been retroactively increased.

In 2005 my property taxes went up 18.5%. On the bill it stated that this increase is a one time wartime tax and would be rescinded after the war. I guess since we are perpetually at war somewhere, that increase has become permanent. In addition to the massive 2005 increase, property taxes went up in 2006, 2007, and 2008, excluding the latest retroactive increase. Assessed home values have never gone down. Paulson states we need to get home prices higher. This reaks of idiocity to me. My thoughts are that we need to get home prices lower so first time buyers can get into a market that has priced them out.

2 months ago Bloomberg rescinded an already legislated budgeted $400 property tax rebate for the 5 burroughs of New York.

It appears the squeeze is on with 2 states already out of unemployment insurance funds and 30 more states due to run out by March. I'm sure they will be applying for Federal funds and bailouts.

If there is anyone who can get us into another great depression, I believe Paulson is the man.
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