TKC EXCLUSIVE AND BREAKING NEWS!!! KANSAS CITY TAX FIGHTERS CONTRADICT CLAIMS FROM '123 GO BONDS' CAMPAIGN!!!
The Kansas City campaign website to support $800,0000,000 bond issue questions is inaccurate according to critics.
Check the the website link as the "123 Go Bonds" campaign attempts to explain complex municipal bond issues simply . . . Progresskc.com
However . . .
ANOTHER LOOK AT THE MATH REVEALS KANSAS CITY GO BONDS WILL TAKE DOUBLE THE AMOUNT OF TIME TO REPAY THAN WHAT CITY HALL CLAIMS!!!
Here's the word that we've highlighted as we try to figure out a way to embed an interesting spreadsheet that's going around on this topic . . .
Just The Facts:
At the Mayor’s Town Hall Meetings we’ve heard him say the $800,000,000 bond issue will cost the average taxpayer a little more than $8.00 per year for a $100,000 home and a $15,000 auto. The exact language is quoted below from the City’s bond sales brochure.
"How Do We Pay for Them?
The GO Bonds will be paid for with a modest property tax increase. Paying back $800 million over 20 years will result in a property tax increase of just $8 more on average each year for the typical homeowner.”
It sound like the average taxpayer owning a $100,000 home and a $15,000 auto will only pay $8.00 more a year more in property taxes. NOT TRUE! This is just wrong and very misleading as are several statements made at these meetings.
They also state it is a 20 year bond issue when in fact it will take 40 years to run it’s cycle.
Remember the City will have unlimited authority to raise property taxes however much they need to pay the bonds off. They do not need approval of the taxpayers. It’s basically a blank check.
The taxes are in addition to what you pay now and you will be taxed on all your personal property, not just homes and cars.
Developing . . .