Where property taxes are based
14 September 2008
Property taxes are based on the fair market value of taxable property, where the assessors make the fair market value determination based upon the status and condition of property as of January 1 of each tax year. Property taxes have doubled over the past twelve years, and if the State Legislature and local governments do not address the problem, property taxes will double again over the next dozen years. Property taxes alone will not pay for all of the vital City services and supports, and a well-thought out, coordinated economic plan that draws revenues from a variety of sources including property taxes would probably serve the citizens more effectively.