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Photos courtesy Jimmie Martin Ltd., SMEG, Lulu Guinness
New self-assessment sheet for grade 8 Language Arts. I use it to help students assess their own progress in the context of their own research projects that they document using blogs.
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.)
Seen at the defunct Joyland amusement park; Wichita, Kansas. Captured with Impossible Project PX600 Silver Shade film and a Polaroid OneStep Express camera. Bigger / blogged over here.
Head over to my blog for a review of Craft & Vison's new eBook -- Finding Focus.
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