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Property tax revenue decline - it is now official

Original post made by Peter Carpenter on Jul 13, 2010

(Redwood City, CA) Warren Slocum, San Mateo County Assessor, signed the 2010-11 Property Assessment Roll on June 30, 2010, making it official. "The assessment roll numbers tell the continuing story of depressed housing and commercial markets and a lagging local economy," explained Slocum. The 2010-11 Property Assessment Roll decreased 1.39 percent, which represents a loss of nearly $2 Billion in Assessed Property Value as compared with last year's roll.

"In my tenure as Assessor, San Mateo County has never experienced a year to year decline in assessed value before," said Slocum, "and to my knowledge the last roll decline occurred in 1976 before the enactment of Proposition 13 in 1978."

Atherton -0.1% vs a budgeted +1.3% increase
Menlo Park +1.2% vs a budgeted +4.0% increase

Somebody better get their pencils sharpened.

Comments (10)

Posted by Blue Collar Public Worker, a resident of another community
on Jul 13, 2010 at 4:35 pm

Peter,
Since when did Menlo Park budget +4% ? All along the Counties recommendation has been -1% I think you are making this up?
BCPW


Posted by Peter Carpenter, a resident of Atherton: Lindenwood
on Jul 13, 2010 at 4:41 pm

Peter Carpenter is a registered user.

BCPW - I don't make things up but rather work from established facts.

Here is the revenue line from the Menlo Park budget:

Property Taxes $ 12,366,000 adopted 09/10

$ 12,864,270 proposed 10/11

increase $ 498,270 = 4%


Posted by Roy Thiele-Sardina, a resident of Menlo Park: Central Menlo Park
on Jul 13, 2010 at 5:01 pm

Thanks Peter, the truth about this continued recession is hard for the union rank and file to digest. it will not get better and they refuse to believe it even when presented with the numbers.

I guess we'll have to pave fewer roads this year or defer some more building maintenance to fund the deficit.......heaven forbid we should cut staff or reduce pay like the rest of the world does/did.

Roy Thiele-Sardina


Posted by POGO, a resident of Woodside: other
on Jul 13, 2010 at 9:24 pm

Just a few headlines from TODAY's local newspapers:

1. San Carlos elementary school teachers accept pay cuts.

2. Oakland police will have a 10% layoff and contribute 9% of wages to pensions.

3. Santa Clara's high end homes in foreclosure crisis.

4. UC Berkeley is slashing their athletic program funding.

5. Redwood City is cutting $6 million from their budget.

But then again, maybe BCPW is right and all of this talk about a crisis is overblown.

Bueller? Bueller?


Posted by Michael G. Stogner, a resident of another community
on Jul 13, 2010 at 9:46 pm

Roy Thiele-Sardina

Thanks Peter, the truth about this continued recession is hard for the union rank and file to digest. it will not get better and they refuse to believe it even when presented with the numbers.

Its not only hard for the union rank and file to digest. The entire Board of Supervisors for the County have managed to ignore it entirely. Some City leaders and Most Citizens understand this.


Posted by Peter Carpenter, a resident of Atherton: Lindenwood
on Jul 14, 2010 at 7:25 am

BCPW states:"All along the Counties recommendation has been -1%

Please document this assertion - I have never seen the County make such a prediction. You may be confusing the County with my long stated opinion that tax revenues would decline - which you adamantly refused to believe.


Posted by POGO, a resident of Woodside: other
on Jul 14, 2010 at 8:23 am

If you haven't figured it out by now, BCPW makes it up as he goes along. He conveniently ingores facts when cornered and most ironically, faults people for their use of citations to independent sources and providing web links. I'm honestly not sure why anyone continues to take him seriously.

He will, however, learn that he has to take voters seriously in about 117 days.


Posted by Peter Carpenter, a resident of Atherton: Lindenwood
on Jul 14, 2010 at 10:20 am

In Dec 2008 I warned local officials that their property tax and sales tax revenues would fall and that they needed to act promptly to reduce their expenditures. With the exception of the Fire District nobody listened.

Now, in addition to the property tax revenue decline noted above, we discover Menlo Park will also see a $3000,000 to $400,000 shortfall in its sales tax revenues.

These combined shortfalls cannot be swept under the rug and must be dealt with by corresponding and immediate reduction in expenses.


Posted by Just Wondering, a resident of Menlo Park: other
on Jul 14, 2010 at 4:47 pm

We (or should I correctly say, the residents of Menlo Park, to exclude Atherton carpetbaggers posting on this site) have a ginormous reserve (which represents over-collected tax monies) that can (and should) be used.

And by the way, a $300,000 deficit on a $30 million budget is 1% - hardly "the sky is falling" that some zealots are claiming here.


Posted by Menlo Voter, a resident of Menlo Park: other
on Jul 14, 2010 at 7:20 pm

Just Wondering:

I suggest you run those deficits forward and see where it gets us and while you're at it make sure you figure in the ever escalating pension costs the city will have to fund. It won't take too long to burn up those reserves.


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