Don’t Tax, But Still Spend
Tip It!From Chuck Shepherd’s News of the Weird:
Tax officials in Valparaiso, Ind., admitted in February that they mistakenly valued one house at $400 million (though its previous assessment was $121,900), and even though they re-computed the owner’s bill, they failed to erase from the city budget the $8 million in tax revenue they were expecting from the property, including $3 million that they already had disbursed.
Kinda makes a tax-and-spend politician sound pretty good, don’t you think?
[Source: Arizona Daily Star]
Published on March 2nd, 2006 - 4 Comments
Filed under: Humor, Taxes
About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!
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March 2nd, 2006 at 5:01 pm
I hope they didn’t spend that money on pay raises for the city’s tax officials.
March 2nd, 2006 at 8:03 pm
How were they expecting $8 million from this house? What is that over the next 10 decades?
March 2nd, 2006 at 8:30 pm
It was appraised (incorrectly) at $400 million, so $8 million probably would have been about right (depending on the tax rate).
March 3rd, 2006 at 7:51 pm
OMG, now THAT is going to give some of these crooked local politicians and bureaurats some ideas, now they have a way to cover up the money they steal! Juggle some numbers here, add 5 zero’s to the values of some properties there, and what do you know, the money they stole from the County Fund is now magically replaced!