Letters to the Editor

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TAXES: Values down but not our taxes

Letter by Steve Hiatt Sr., Gig Harbor on June 19, 2012 at 10:04 am | 52 Comments »
June 19, 2012 12:07 pm

Re: “Local homes values plummet” (TNT, 6-19).

Tax values may be lower, but our property tax rate has increased 35.8 percent since the beginning of 2009. The net effect is that our taxes have not gone down with the decrease in assessment.

Examining the City of Tacoma’s general budget at the height of the bubble (2007-2008) compared to the 2011-2012 budget, the difference is approximately 1 percent.

We own several parcels on Pacific Avenue. To obtain tenants after the 2008 financial crisis, we had to reduce our rents by more than 50 percent from 2008 levels. Our tenants are small family businesses. They cannot afford these increases.

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