When I was in high school, I took a course called General Business. That course should've been required for EVERYONE. We learned about how insurance works [some of the same stuff I was tested on for my insurance license], how you balance a checkbook [lots of folks seem to be baffled by that], and how government budgets and tax rates work.
The law sets how property is assessed for tax purposes. The governmental unit determines a budget for the fiscal year. This determines how much money needs to be raised via property taxes. Then the governmental unit divides the total budget by the total assessed value of the property within that governmental unit [county, township, whatever]. That determines the tax rate.
So if, after the total assessed value goes down, the county decides it needs the same amount of tax revenue, the tax rate goes up. And if the total assessed value goes up, and the county budget stays the same, the tax rate goes down. That's how it works IN THEORY. Since budgets NEVER stay the same, and they NEVER go down, the total amount of money raised by property taxes never goes down. When assessed values go up, if values raise enough, the governmental unit can announce a lower tax RATE and STILL increase their budgets.
But in case anyone didn't know how it works...that's a very simple explanation. Government IS going to get the amount of money they budget for, come hell or high water. The only variable is the assessed valuation and the tax rate involved. States, who approve county tax rates around here, usually don't let county governments accumulate budget surpluses; they'd rather that money instead go to the state.
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Today's Featured Article - Sunday Drives - by Cowboy. Summer was finally upon us here in Northern Maine. We have two types of industry up here, one being "Forestry" (Wood Products) and the other "Farming" (Potatoes). There is no shortage of farm tractors and equipment around here! I have been restoring old Farm Tractors for the past 6 years, and have found it easier and less expensive to hit all the auctions and purchase whole tractors for parts needed. My wife who works at a local school, and only has weekends and summers off, while on t
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