2.10.2006

Home Improvement to the Nth Degree

Ever since Jim Bob put that new deck on the double wide, property values have gone soaring...this is the strangest story I've seen in a long time...

Misvalued House Causes Ind. Budget Woes
"A house erroneously valued at $400 million is being blamed for budget shortfalls and possible layoffs in municipalities and school districts in northwest Indiana. The house had been valued at $121,900 before the glitch. County Treasurer Jim Murphy said the home usually carried about $1,500 in property taxes; this year, it was billed $8 million."

One would expect that last sentence to have been enough to clue someone in before they got in a rush to spend the windfall. Incidentally, that's the 400 Million Dollar House in the photo to the right...read on, friends:

"Most local officials did not learn about the mistake until Tuesday, when 18 government taxing units were asked to return a total of $3.1 million of tax money. The city of Valparaiso and the Valparaiso Community School Corp. were asked to return $2.7 million. As a result, the school system has a $200,000 budget shortfall, and the city loses $900,000."

No comments: