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Va. beach launches site to show pre-recession tax bills - Nook Cover Case Manufacturer by fdhjkl rfghjtkl





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Va. beach launches site to show pre-recession tax bills - Nook Cover Case Manufacturer by
Article Posted: 01/29/2013
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Va. beach launches site to show pre-recession tax bills - Nook Cover Case Manufacturer


 
Business,Business News,Business Opportunities
By Mike Hixenbaugh The Virginian-Pilot May 11, 2012 VIRGINIA BEACH Days after the City Council voted to raise the real estate taxrate, the city has launched a website allowing residents to comparetheir new tax bill with what they paid before the housing marketcollapsed. The site, , invites residents to punch in their address then spits out sixyears of assessment data and calculates the difference between thebill they"ll pay this year versus what they paid in 2007. Dueto declines in home values, a wide majority of homeowners will payless, even with the rate increase of 6 cents per $100 of assessedvalue. Some council members said the website is a step toward transparencyand puts the rate increase in proper perspective.

Others called itpropaganda. Residential assessments have declined 17 percent since thedownturn, city officials said. That means the owner of a homevalued at $250,000 in 2008 whose property declined by the averagewould owe roughly $1,971 with a 6-cent increase – about $254less than four years ago. Councilman Glenn Davis asked city staff on Tuesday night if theycould build a web application to help residents "betterunderstand" the rate adjustment in light of declining homevalues.

The site was live by midday Friday. Opponents of the tax hike said the site should allow users moresearch options. "Why not let residents pick any year?" said John Moss,one of three council members who voted against the rate increase."They artificially pick the base year they would like to use.I may be paying less than 3 years ago; I"m paying a hell of alot more than 10 years ago." Average home values soared by 75 percent over five years leading upto the recession, and the city"s tax rate was lowered byabout 27 percent. That means the owner of a home valued at $250,000in 2003 whose property increased and then declined by the averagewould pay about $3,450 in taxes this year – roughly $400 morethan nine years earlier.

Include a $120 annual trash fee added last year, and residentsaren"t getting as good a deal as advertised, Moss said.

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