So the News Journal front page story from 2 days advised “Volusia county property Appraiser Morgan Gilreath hasn’t been accustomed to giving good news to local government” AND in an inside story in yesterday’s paper regarding Deland we are told “ The preliminary property numbers were a little bit disappointing, only up by 1.9 percent, and we were hoping for 2.5 percent “
So why do local governments like rising property values ??? Because they take in greater property tax revenues without having to raise the millage rate is why.
So who benefits from rising property values beyond taxing authorities, and those planning on selling their property. Not you and I. I was invested in residential and commercial real estate since before the huge run-up in values starting a decade ago and have rode those values back down over the past ½ dozen years. For anyone that did not acquire more real estate, or sell what they I owned the run-up and run-down neither helped nor harmed ……. beyond the additional property taxes we all paid.
Those in power in port Orange sat quietly by and watched the tax coffers they were going to have to spend grow by leaps and bounds. AND were those additional taxes at least invested and spent wisely ??
Not unless you consider investments and developer subsidies like Eastport, Riverwalk, the Dock-To-Nowhere, the since closed RCC and the $ 20 million reclaimed water boon doggle to have been wise investments. The fact is un warranted property taxes, lack of transparency and obfuscated budgeting practices have hosed Port Orange residents of upwards of $100 million dollars.
That may be about to change.
Having declined to implement the Amendment 11 special property tax break that would have benefited only a small number of near destitute property owners, Council has I believe made the far more important decision to reduce property taxes for all property owners. Gone is the Manager’s plan to reward his senior staff with an across the board pay raises through an increased property tax that would have been masked by the property appraiser bandit in Deland. At a minimum I believe that Port Orange will be rolling its millage rate back to a rate such that home owners do not pay more this year simply because the partner in crime property appraiser is again telling us that our property values are increasing.
And it may even get better that that as the City ran a surplus last year equal to almost 30% of the property tax raised in the City.
Come on Council let’s give some property tax relief to the Prop 11ers AND to all other property owners in the City.