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Cook County has had a 7% annual cap on assessed value increases since 2002. Property tax bills will rise this year, despite falling property values; this graph explains why property taxes will in fact take a while to catch up with market values.
'A cap, which gives homeowners comfort in a rising market, can, however, create the opposite effect in a down market. In Texas, which sets a 10 percent limit, property values rose by as much as 18 percent per year during the past decade, but assessed valuation could go up by only 10 percent per year. As a consequence, a large gap exists between real market value and taxable value. Because of that gap, assessed value may go up this year even though market value is coming down. Until the two come together — the market value falls to the level of the taxable value — 5 to 10 percent increases in assessments are a real possibility. "That's going to be another contributory factor in taxpayer frustration," says [Guy] Griscom, who is the assistant chief appraiser for Harris County. "Legislatures didn't look at that side of it when they gave property owners the benefit of these caps. Ultimately you have to pay it back. This is not what people want to hear." ' - Penelope Lemov, Governing magazine
(Assumed $100K property in year 2002 [and that assessed value equaled market value, which is probably not the case in Cook County], using 2002-2009 price appreciation trendline reported for zip code 60647 at Zillow.com, then assuming a 30% drop from 2008 peak by 2010.)
Love my new socks you knit for me! And the Eucalan- a girl can't ever have
to much wool wash on hand for beautiful hand knit goodies!
Vi / Vim / Gvim new scripting feature (plugin) for geek bloggers:
- syntax highlighting: different between vi/vim and gvim (richer color handling)
- XMLRPC access to blog
- exception handling in ruby and vi function
- ... needs some more hours of hacking
Usage in vi command line:
:Blog option [arg]
switches:
- rp [x] => show recent [x] posts
- np => create a new post
- gp [id] => get post with id [id]
- publish => publish an edited/new post
- draft => save edited/new post as draft
Blogged here: twomoreseconds.blogspot.com/2008/06/my-favorite-monday.html
1. green sea of chairs, 2. green shoes, 3. green up, 4. Green, Green, Green..., 5. Green on Green, 6. Green Tree Fae Scotland, 7. green coffee for a happy Sunday ;), 8. Green door, what's that secret you're keepin' ?, 9. Green, 10. Walkin' in the green, 11. my green illuminated way home, 12. design is green, 13. green tea, lavender, and honey cupcake bombe, 14. shades of green, 15. green bean, 16. Chilled Watercress Soup with Green Onion Creme Fraiche, 17. Green Split Screen, 18. Green Embroidery Closeup, 19. Green stuff, 20. Green, 21. Green onions..., 22. Maggie's green eye, 23. Green door, 24. lovely., 25. 4/52 Green
Created with fd's Flickr Toys.