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Original post made
on Jul 6, 2012
Our home's assessed value jumped 20% since last year. I expect this is also due to the Google effect, plus interest rates don't seem to be finding a bottom due to the Fed's QE?
I am heartened by the fact that Mountain View's assessed values are increasing more rapidly than Prop 13's infamous 2% rate, i.e., property is actually being bought and sold, but I am disappointed that so much of the increase is due to an ever-increasing Google impact. I don't like to see Mountain View becoming a company town, but better that than continuing decline.
The Google impact will affect the schools in different ways than the City (i.e. Shoreline District). The Shoreline "infamous 0% rate" insures education (and County) General Funds will be guaranteed 0% of the assessment increase [the infamous "tax Increment" mechanisms of redevelopment districts]. HOWEVER, the education facilities bonds can be paid off with increased revenues from the increased BOND assessments [we live in such odd government times!]. The assessments affect both BOND and Prop 13 (1% limit) tax receipts - but only BOND revenue flows directly to education.
Any Google purchased 'unsecured' business property (or real property) that is bought OUTSIDE of Shoreline generates 100% of the full tax rates for education and the County General Fund. (i.e. it is not diverted or restricted and can be used for either salaries, class size reduction, maintenance - or - building.) IMO, it is to our community advantage if Google expands outside of Shoreline District. and ... I will still argue, as I have for 5 years now - it would be to our community advantage to eliminate the Shoreline redevelopment district - and replace it with a new 'assessment district'. Otherwise - education and the county will continue to subsidize traffic improvements and other things for that area.
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