Phoenix LXXIII: "This Space Available"
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03-26-2013, 06:37 PM
Join Date: Feb 2012
Originally Posted by
There is a feeling on the council that an extension would have to be considered. Without the 457 tax, the city would be bankrupt. AND, it isn't because of the Coyotes since 67% of that .7% tax increase goes to police and fire. In 4-5 years, another proposal may be needed to extend the time of the 'temporary' tax. The bet being that the economy will turn around by then and little to no cuts will have to be made.
Westgate is doing what it can to survive and putting in its own money so it doesn't cost the CoG a dime. Leveraging on the Tanger outlets, etc.
Keep in mind a large portion of any municipalities revenues is property taxes, which tend to be a percentage of the value of the house and they are adjusted periodically. So whats happened to a lot of local governments is that housing values collapsed so the property tax collections plummeted and now they are coming back. So I can see why they think revenues should recover in 5 years.
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