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The people of Los Angeles, deservedly, are going to get a doubling of their LAUSD property taxes. "The district is allowed to raise taxes under little-known legal protections for bond holders. In essence, if revenues from property taxes can't cover installment payments for bond debt, L.A. Unified can raise tax rates, even if they rise above past projections.
The current rate is about $123 per $100,000 of assessed value. That's actually lower than the original projections, but the good news ends there.
Officials wouldn't reveal estimates for next year but, when pressed, said they expected rates above $200 by 2012. In an interview, L.A. schools Supt. Ramon C. Cortines mentioned a rate of $207, though he didn't specify the year."
The voters agreed to the bonds without understanding them. You can be assured that as these taxes go up, so will the foreclosures and the value of property in LA will decline. At some point LA will look like Detroit--a citywide slum, with only homeless, the poor, the illegal aliens as residents. In just a few years LAUSD lost 115,000 students, but still they are building more schools--that is called the union payoff plan.
My hope is that LAUSD doesn't completely drag down the State--though because of the billions spent by the district, owned by UTLA, but I suspect LAUSD will be in the center of the fiscal mess.
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The current rate is about $123 per $100,000 of assessed value. That's actually lower than the original projections, but the good news ends there.
Officials wouldn't reveal estimates for next year but, when pressed, said they expected rates above $200 by 2012. In an interview, L.A. schools Supt. Ramon C. Cortines mentioned a rate of $207, though he didn't specify the year."
The voters agreed to the bonds without understanding them. You can be assured that as these taxes go up, so will the foreclosures and the value of property in LA will decline. At some point LA will look like Detroit--a citywide slum, with only homeless, the poor, the illegal aliens as residents. In just a few years LAUSD lost 115,000 students, but still they are building more schools--that is called the union payoff plan.
My hope is that LAUSD doesn't completely drag down the State--though because of the billions spent by the district, owned by UTLA, but I suspect LAUSD will be in the center of the fiscal mess.
More...