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Original post made
on Mar 5, 2009
That shouldn't take long.
This council meeting is a complete waster of time and funds. Fergusson used it to promote herself, and that is what her protege Robinson is doing in her footsteps. Cohen not having outside political ambitions gave the Menlo Park voters a break by not wasting their time on such non-sense.
Well attend and get your free goodies -- maybe meet some long lost friends.
If he wants to play big time politician, I have a suggestion that will feed the ego, save money, and probably provide some entertainment. Rather than provide refreshments (the cost saving part) after the mayor is finished with his speach (the ego feeding part), have one of the minority council members give a 5 minute rebuttal (the entertainment part). I think I would actually attend!
Since the minority consists of Boyle, I can't imagine thinking whatever he has to say to be entertainment. He is supposedly a smart guy, but his tenure thus far on the council has certainly not led me to such a conclusion.
Here are some facts that the Mayor may wish to consider with regards to both the State of the City and property tax revenues:
Menlo Park Homes 94025
25.0% percent sold for less than the last recorded transaction
10.0% percentage of homes worth less than the owner owes on the original mortgage
Menlo Park Appreciation Rates (city-wide)
AVG. ANNUAL RATE
average annual 11.50%
Last 10 Years
average annual 16.67%
Last 5 Years
average annual 10.56%
Last 2 Years
average annual 0.07%
Last 12 Months
average annual -2.62%
average annual -6.84%
Mortgage delinquency rates :
Nov 07 0.29%
Nov 08 1.02%
pre foreclosures 244 foreclosures 29
In reference to Mr. Carpenter's data, WOW --- we are doing just great compared to almost all the rest of the country. I hope the data is accurate. Lucky us.
The big worry is what the future portends. City Staff's assumption on budgets going forward using 4% annual property value rises, at least for the next few years is clearly off the table.
8,600 people asked the County last year to
review the value of their property
• That figure was up from 1,070 requests in 2007
and 770 in 2006
• About 5,200 of those homes were assigned a
Already in 2009 more than 40,000 homes in San Mateo County are being reviewed for reassessment.
I predict that the City will see a DECREASE in property tax revenues, perhaps as early as 2010 - depending on how quickly the County acts on reassessments.
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