Staunton News Leader Endorses Tim Kaine's Assessment Plan

  Given a choice between the two proposals, however, we'd endorse Kaine's over Kilgore's any day. We don't believe in hamstringing local government by taking away their greatest source of revenue. Kilgore's proposal is a recipe for disaster that will gut our schools and any quality of life we now enjoy in our towns, cities and counties. - Staunton News Leader, comparing Kaine's and Kilgore's plans to address rising home assessments August 16, 2005

An old neighbor of mine, Jim, was a retired army captain who'd been awarded every combat medal you could imagine, including the silver star.  In his retirement after, I'll guess, 30 years with the military he had settled in to a lovely Federalist style 4 bedroom on a quiet street in a quiet town.  He'd seen enough of the world, he said, and was looking forward to spending the next few decades loving his wonderful wife, entertaining his children and friends, and taking his grandkids to the park down the street.

I'd always seen Jim as one of the great heroes of my life, so it was astounding to me to hear him violently riled up about something that hit him really close to home:  Real Estate Assessments.

Under the current formula, localities are required to assess properties at fair market values, and also set tax rates. Real estate bills are determined by multiplying the rate and the assessment. For example, the owner of a $100,000 home in a city with a rate of $1 per $100 of assessed value would receive a $1,000 tax bill.

In the 10 years since he'd bought his home for around $200,000, our little town had boomed and with it the value of real-estate.  When last I checked, over 2 years ago, his house was valued at well over $500,000.  Jim's local property taxes threatened to gut his retirement. 

Jim's plight is not rare.  Homeowning Virginians of all economic stripes, from nearly every locality are facing the mixed blessing of a national real estate boom.  What can we do?

This year's Governor's race has yielded two decidedly different approaches to the problem, and as on so many issues, Tim Kaine's solution employs wisdom, intelligence, and experience, whereas Jerry Kilgore's contrivance is a train wreck.

I'll let the Staunton News Leader give their comparison of the two plans:

Kilgore proposes to cap annual real estate assessments at 5 percent. That kind of one-size-fits-all solution may play well with the voters he is pandering to, but in the real world, it leaves a lot to be desired. Not surprisingly, government officials, still stinging from the state's last radical dabbling in local revenue streams ? former Gov. Jim Gilmore's car tax cuts ? aren't thrilled with the Kilgore proposal. They shouldn't be. The public shouldn't be suckered by it, either.

Democratic gubernatorial candidate Tim Kaine proposes giving local governments the option ? note that ? option ? of reducing home assessments by up to 20 percent.

Jerry Kilgore, as usual, proves himself incapable of understanding the complexities of an issue with his simplistic, childish approach.  His plan would gut the revenue capacity of local governments. 

We've seen this kind of slash-and-burn, free-ride, revenue reduction scheme before.  Jim Gilmore's "Car Tax" contrivance left the commonwealth facing a $6Billion deficit when Mark Warner and Tim Kaine came in to office. 

Mark Warner and Tim Kaine may have fixed the problems Gilmore left, but Virginians still smart when reminded of Gilmore's statewide fiscal irresponsibility.  Kilgore's scheme promises to pass the fiscal irresponsibility on to the localities.  Kilgore's never trusted local governments; never has, never will.

On the assessments issue, Tim Kaine, as always, proves himself to be a leader in the Mark Warner tradition.  His plan is a creative solution which gives decision making power to localities. 

Moreover, his plan will allow the separation of benefits between residential and commercial interests.  Assessments on business real estate is not rising at nearly the rates of residential real estate.  Under Tim Kaine's plan, my friend Jim keeps the money he socked away by serving our country, while the local government doesn't have to cut spending on police and schools by being forced to unnecessarily decrease revenues from business assessments. 

Kilgore's plan would gut local governments.  It's no wonder the Staunton News Leader ENDORSES Tim Kaine's Assessment plan. 

Today local governments cannot reduce residential tax assessments.  Under Tim Kaine's plan, local governments will have that choice.  Under Kilgore's plan, they would have NO choice.

Support Tim Kaine for Governor.  Vote for him on November 8.

Comments