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Tax attacks
Washington Monthly, Jan-March, 2008 by Charles Peters
One consequence of the real estate boom that ended last year was escalating assessments. The boom has clearly passed, but many of the higher assessments remain on the books, meaning more trouble for homeowners who find themselves paying higher taxes for real estate that has lost much of its value. An example of how taxes have increased, for which I'm indebted to Mike Smith of the Associated Press, is what has happened to Maurice Gunyon of Indianapolis. In 2005, his property tax was $2,900. Last year it was $4,600. This year it is $7,500. Gunyon is retired and doesn't know how he is going to pay.
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Charles Peters is the founding editor of the Washington Monthly.
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