Leaders, You Do Have a Choice
Not to darken your day, but the latest bit of bad news brought to Rhode Islanders by Providence Journal business writer John Kostrzewa comes with a very important point:
When cities and towns do revaluations required under state law, they will find the total value of their residential property has probably declined. With a lower total valuation, municipal officials will have a choice — cut spending to match the new lower level of tax revenues, or raise the tax rate to collect enough money to meet the budget.
Yes, local officials, you do have a choice. The fact that my assets are worth less in now way necessitates that you tax them at a higher rate. What it does necessitate, if you ask me, is that you turn your focus to spending within the town’s means and to finding ways to make my geographically based assets worth more.