Los Angeles school district will sharply raise taxes on property owners
The district is allowed to raise taxes under little-known legal protections for bond holders. In essence, if revenues from property taxes can’t cover installment payments for bond debt, L.A. Unified can raise tax rates, even if they rise above past projections.
The current rate is about $123 per $100,000 of assessed value. That’s actually lower than the original projections, but the good news ends there.
Officials wouldn’t reveal estimates for next year but, when pressed, said they expected rates above $200 by 2012. In an interview, L.A. schools Supt. Ramon C. Cortines mentioned a rate of $207, though he didn’t specify the year.
For a home worth the current Los Angeles County median assessed value of $325,300, the difference, using Cortines’ figure, would be about $275. For a $700,000 home, the rise would probably exceed $550, for a total bond tax bill of about $1,450.
The loophole might merit some spirited conversation, but the level of tax increase, hardly. When your food bill doubles in 5 years, that sort of tax increase should be an afterthought.
Josh
The loophole might merit some spirited conversation, but the level of tax increase, hardly. When your food bill doubles in 5 years, that sort of tax increase should be an afterthought.
Josh
The loophole might merit some spirited conversation, but the level of tax increase, hardly. When your food bill doubles in 5 years, that sort of tax increase should be an afterthought.
Josh
The loophole might merit some spirited conversation, but the level of tax increase, hardly. When your food bill doubles in 5 years, that sort of tax increase should be an afterthought.
Josh
The loophole might merit some spirited conversation, but the level of tax increase, hardly. When your food bill doubles in 5 years, that sort of tax increase should be an afterthought.
Josh
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