What is going to happen to the towns that are
spending the new tax money that they have
gotten from all the housing that is being built.
With all the new housing going in... it means
that an empty field becomes a great tax money
maker for the town or county. All the little trailers
that were dumped and new town houses that are built
there... more tax money coming in.
The coffers are getting fuller... 5, 000 more home
owners with new homes... 5,000 more property
taxes bills to be paid.
Yes, pretty heady stuff. But as I watch and read about
the slow down and the people who are going bankrupt,
or just flat out losing their homes to the banks. Where
people with money are buying the homes for $10 on the
hundred worth.... the market flattens out, the prices
are dropped in half just to get out from under them.
Contractors selling with a marginal profit, if any at all...
drops the house prices... with that goes the drop of
worth, which means the drop of worth of taxes. .....
who is going to pay for those new libraries, sports
area's, city halls, fire stations, all of which was needed
for the new population...but now the market has dropped.
The taxes aren't coming in. The towns have to drop the
taxes valuations, some of them after all... they could end up
with the homes themselves for auction, for taxes.. and again...
sold for $5 on the $100.
It is very scary for these little towns who have new found money.
What is going to happen to them? What happens to us? Even if they
cut our value on our homes... the property tax has to go up to pay for
the outstanding bills of the new items the town has bought.
It won't happen right away... maybe 3 or 5 years down the road.
All this time feeling comfortable with the thoughts of extra money.
Figuring new buildings and wants, are affordable.. but will it?
At what cost to us who stay?
Grateful to the Wizard
21 hours ago