Schools Want A Piece Of RE Tax Revenues

Here’s another update on the continuing focus on the “spend or save” question when it comes to property & real estate tax revenue windfalls. The Seattle Education Association chimes in on the side of “spend,” requesting a big piece of the pie.

The Seattle Education Association (SEA), which represents the district’s teachers, instructional aides and office staff, called on the City Council and Mayor Greg Nickels to set aside for the district $25 million a year for the next five years. The city expects to collect about $55 million more than analysts had predicted in sales, business and real-estate taxes by the end of next year.

While the city is not immediately acquiescing to the request, it seems the debate isn’t whether to spend or save, but rather just how to spend.

Nickels’ spokeswoman, Marianne Bichsel, said the city has sustained $120 million in budget cuts over the past three years, and that the higher-than-expected revenue should be used to restore funding to public safety, transportation and human services.

Great idea. Then we can go through the exact same budget cuts a few years from now when the real estate money tree shrivels up and dies.

(Sanjay Bhatt, Seattle Times, 10.13.2005)

  

About The Tim

Tim Ellis is the founder of Seattle Bubble. His background in engineering and computer / internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market.

2 comments:

  1. 1
    biliruben says:

    That assumes that if my house is theoretically worth less, they will collect less taxes. Bad assumption.

    Property taxes never decline.

    Rate this comment: Thumb up 0

  2. 2
    Anonymous says:

    Tim:

    It looks like the condo in Kenmore you had an eye when it went on the market in late August sold earlier in October for more than the listed price.

    Thanks for the blog.

    Rate this comment: Thumb up 0

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