$113 million is a whole lot of money. A whole lot of taxpayers' dollars. One hundred and thirteen million dollars could build more than 226 new homes valued at $500,000, or 452 $250,000 residences.
That is a way to think about it that I hadn't come across before. Of course, finding $113 million to build homes that were then occupied by buyers would, in the long run, return a net benefit to our tax revenues.
Considered basically landlocked when it comes to new development, the tax base in Mt. Lebanon is not expected to expand as it is in neighboring communities like South Fayette, Peters, North Strabane and Cecil townships. No expanding development, no growing tax base.
The fact about the stagnant tax base is a big one. We do not have a lot of space for more development. We will have a new hotel downtown at some point and their is the possibility that we get some development done in a few years with air rights over the T stop. Outside of that, there is not much more happening.Food, utilities, clothing, you name it, are increasing faster than most people can keep up. It's a shame to think some residents are going to do without the absolute necessities of life to pay their school taxes.
More likely, those that would otherwise have to do without, will simply move someplace where they won't be forced to do without.
Want more proof that higher taxes lead to people simply up and leave? Check out this study done by the New Jersey Chamber of Commerce at www.nj.com:
The study – the first on interstate wealth migration in the country — noted the state actually saw an influx of $98 billion in the five years preceding 2004. The exodus of wealth, then, local experts and economists concluded, was a reaction to a series of changes in the state’s tax structure — including increases in the income, sales, property and “millionaire” taxes.
“This study makes it crystal clear that New Jersey’s tax policies are resulting in a significant decline in the state’s wealth,” said Dennis Bone, chairman of the New Jersey Chamber of Commerce and president of Verizon New Jersey.
Please see the article for more interesting information on the study and the effects that tax policy has had on the wealth of New Jersey as a whole.Thanks for reading.
James
