Saturday, November 09, 2019
SHOCK!!! JACKSON COUNTY ASSESSMENT CRISIS PUSHES KANSAS CITY TOWARD 'PEAK TAX RATE' BREAKING POINT!!!
For our economist friends and those who remember the first scene from Ferris Bueller's Day Off . . . Let's take a quick review of a fundamental principal that also powers the municipal revenue game.
In economics, the Laffer curve illustrates a relationship between rates of taxation and the resulting levels of government revenue.
With respect to the curvy hotties above, we'll make it very simple . . .
JACKSON COUNTY PROPERTY TAX INCREASES THREATEN TO BREAK HOMEOWNERS TO THE POINT WHERE VOTERS CAN'T AFFORD TO CONSIDER ANY NEW MUNICIPAL LEVY!!!
What does that mean???
For starters . . .
Expect voters to cancel taxes for schools, infrastructure and even that new downtown stadium because most residents won't be able to afford the massive cost of living spike that's currently taking hold.
Moreover, the disproportionate property tax hits everybody:
- Renters will face rising costs.
- Wealthy confront more targeting of their assets.
- Worst of all, the working poor suffer the worst fate as so many will soon learn that they'll no longer be able to afford their homes.
And so the "cost of living" maps that social media dweebs pass around must be updated as life in KCMO grows more expensive and beyond the reach of many residents thanks to political gridlock and faulty leadership.
Developing . . .