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Image via Fox News and Nora Sahinun
— Quincy Massachusetts News by Quincy Quarry News – News, Opinion and Commentary.
Is that a smoking chad?
A 2000 election Free Republic image
While the quants at Quincy Quarry News were slogging through financial report filings, the Quarry’s eagle-eyed quants spotted a troubling footnote noted in passing late in a lengthy document.
The brief footnote on the bottom of page twenty-one notes that the Koch Maladministration expects to tap most — “if not all” — of the City of Quincy’s $24 million in untapped property tax levy per Prop 2 1/2 protocols to be able help fund the maladministration’s half a billion dollar FYI 2027 budget.
Simply put, untapped property tax levy is the net of what could have been taxed on property in the previous year less a lower amount that was taxed with the difference available to be taxed in another year.
Come 2027, the footnote thus indicates that the Koch Maladministration will be tapping most to (likely, ed.) all of the $24,000,000 that is an untapped tax reserve meets potential surcharge of a sort on top of what could be normally taxed.
In turn, tapping all of the $24,000,000 would increase the median local residential property tax bill by roughly $600 on top of the typical local roughly $225 Prop 2 1/2 baseline property tax increase limit.
Hiding the impending tax hit in a footnote
A screenshot copy from a pdf filing
Angry locals
An old Universal Pictures image
Net/net, figure on upwards of as much as a roughly 10.5% tax increase in 2027 and which would hit the pockets of already hard-pressed local homeowners who are now looking likely to be paying at least close to the highest property tax bills in the Commonwealth on an assessed value basis after already having already paid steadily increasing painful property tax bills in recent years with even more pain to likely follow in coming years.
Serious pain in a mayoral election year to boot and so perhaps give the Koch Machine the boot after twenty years of koching-up Quincy’s finances.
Funny thing, all the new construction— primarily apartments and condos — was supposed to “revitalize” the city. Instead, between providing an ongoing field day for various developer pals and giving them “tax incentives”, and Koch’s profligate and frivolous spending, the city is in a $2 billion hole.
Taking properties off the tax rolls, buying unneeded properties, surreptitiously commissioning and buying religious statues (as well as numerous other statuary), creating idiotic “pocket parks” that will require perpetual maintenance and overpaying for essentially everything in the world you can possibly imagine, the hole only gets deeper and deeper.