While I am willing to listen, and am all for property tax cuts or at least making them manageable, the legislature will probably find a reach around with opt-outs. Once again, if the citizens need changes in tax policy they have to do it themselves because the idiot convention in Pierre ain’t cutting it;
There’s a simpler solution. Just raise the State’s take from video lottery. Personally, I hate VL, but it’s here to stay. So, as long as it is here, we should increase the take and use it directly to offset property tax increases. Janklow did this back in ’95 when he increased the State’s take at the time from 33% to 50% and it’s time to now increase it to 65%. This increase won’t hurt the video lottery industry, or any VL mom and pa operations, because the balk of these operations have been cashing in on this enterprise since 1989 and are all well position to take this revenue cut without any serious consequences.
A retroactive adjustment in property valuations? This Initiated Referendum is just really bad policy. Bad things (and unintended consequences) happen when governmental units try to manipulate real facts of economics.
BTW, by way of economic recession the economy and the real estate market may soon just provide this sort of adjustment anyway.
Despite the Fed’s action in September to decrease the federal funds rate by 50 basis points, mortgage interest rates are on the rise, buoyed by the high yields of the 10 Year Treasury bond, which is bolstered by the insatiable and absolute need of our federal government to finance its ballooning debt.
The chickens hatched in Washington D.C. since the days of the final two years of Bush 43’s tenure in office (including Trump’s first 4 year term) are coming home to roost. Unbridled spending has consequences.