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Assessments to Hold Steady. What About Tax Rates and Taxes?

The Washington Post reported on its front page today that “(t)he era of double-digit property assessment increases for Northern Virginia homeowners appears to be over. Government officials say a rapidly cooling housing market means residents can expect minimal growth in the value of their property this year, perhaps as little as 1 percent.” But, it then adds, “The flattening of the housing economy might be good news for some taxpayers but poses challenges for local governments.”

What worries those bureaucrats is that the revenue shortfalls will “sharply limit spending.” Gee, do you think they might have to find some way to be competitive like firms in private industry? That’s the problem with local government; they have no competition!