Ravenwood - 03/01/04 06:30 AM
If the economic turnaround isn't as robust as you'd like, don't blame President Bush. On top of some states passing record high tax increases, local governments are seizing more money in the form of steep property tax increases.
The booming real estate market and skyrocketing home assessments in the Washington area have created a fountain of tax revenue for local governments in Northern Virginia, many of which are spending the money as fast as it pours in.When people lose their job or have less money coming in, they have to make tough choices and cut back on spending. Government simply goes out and seizes more of your money.In budget proposals unveiled in the past few weeks, local leaders are continuing to push big increases in spending. Loudoun County's budget has nearly doubled in four years. In Fairfax County, real estate taxes for the average homeowner could go up by 11 percent. Under a Prince William County proposal, taxes would rise an average of 9.4 percent. And these increases follow several years of steep rises in taxes.
(c) Ravenwood and Associates, 1990 - 2014