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Dear VALUESLEUTH:

I just found this one in the latest issue of World…

One Indiana homeowner must have had a massive shock when he got his property tax bill. The home, valued at $121,900 last year, carried $1,500 in property taxes. But a technical glitch caused the house to be revalued at $400 million, netting an $8 million tax bill. Worse was the effect on local government. Expecting a windfall in tax receipts, the City of Valparaiso and the Valparaiso Community School Corp. had already budgeted the cash. That meant that when the error was discovered, both the school district and the city realized not a boon, but a budget shortfall.

Thought you might be amused…

Dear AMUSED:

Considering that if all else was equal, this would have been about a $4,920,567 mistake…IF the tax rate percentage for a $400M property were the same as a $121K property. Apparently if you could afford a $400M property you could afford $3M+ in additional annual property tax.

Now according to the official website of Valparaiso, the sum of the entire city budget is $11.9 million.

FUND: TAXES LEVIED: TAX RATE:
General $8,458,271
Debt Service $232,641
Fire Pension $307,368
Police Pension $336,977
Motor Vehicle Highway $194,573
Park & Recreation $1,680,657
Park Bond $303,139
Cumulative Capital Development $345,437
TOTAL: $11,859,063

One simple question. Somebody didn’t ask how all of a sudden there was an extra $8M over and above the $12M that was expected? Somebody just budgeted to spend it without asking?

Okay, one more question. Will they be re-elected?