Thursday, February 28, 2008
We're Poorer Today
Got my property tax assessment yesterday--down $70K. That's about a 25 percent drop. It reinforces my belief that, at least in my small part of the world, immigration had a positive effect on housing values. And the end of immigration, at least at past levels, because of the agitation against illegals and the collapse of the housing bubble is proof. So when I see that Prince William County is talking of a 28 percent increase in the property tax rate to compensate for their drop in values, I'm somewhat ambivalent. On the one hand, PW is getting what they asked for--fewer immigrants, meaning more foreclosures, more empty houses, lower property values. On the other hand, it's a hell of a way to run a country.