Just now, Mayor and City Council agreed to put an EPIC GENERAL OBLIGATION BOND on the upcoming April ballot.
Accordingly . . .
THANKS TO OUR BLOG COMMUNITY . . . HERE'S AN BREAK DOWN OF WHAT THIS VOTE WILL REALLY COST KANSAS CITY RESIDENTS!!!
Lots of options here and some KICK-ASS insights about the reality of this measure. Take a look:
Your $800-Million Mortgage
There's been a lot of questions surrounding the upcoming $800,000,000 mortgage of your home.
Perhaps you missed it. Our Sly mayor asked you add a mortgage to your home. It's 800,000,000 and it comes before any other mortgage.
A general obligation (GO) bond really is giant mortgage against ALL taxable property in the City. This, of course, means your home.
Oh.. and while your at it, you might want to be aware of what our Mayor is really asking you to do. It definitely is NOT individual projects. That's the sizzle they'll try to sell.
Who doesn't want flood control for $150,000,000 or nicer streets for a mere $600,000,000?
$50-Million Remodel of the Mayor's Office?
They also list $50,000,000 for just about anything that is a public building. The ballot says, "...$50,000,000.00 for the purpose of paying for the acquisition, construction, equipping and improving public buildings facilities and structures..."
The third and last question could be a very nice remodel of the mayor's office. Perhaps it's going to be spent on the airport remodel NO ONE WANTS. The actual project doesn't matter, if this passes, just as long as it's a public building it gets the green-light if the mayor wants it.
It's all shell game they're trying to get you to bit off on. Be prepared for the advertising blitz telling you how wonderful things will be with our streets paved with gold..
The reality is a bit different and the ballot will tell you EXACTLY what they are actually asking you to do. Here is what it says under each questions:
"The authorization of the bonds will authorize the City to maintain tangible property tax rates sufficient to pay the interest and principal on the bonds until fully paid."
A mortgage on everything!
That's the loose translation of a what you're being asked to approve with a these three bonds; it's a mortgage on every piece of property the city can grab including your home, car, boat..etc.
So how much will it cost?
Interest rates will determine the final cost, but if we assume 3.50% interest, and use an average home value of $144,000 (Realtor.com value of homes value for sale in today's market), your TAX INCREASE WILL BE $277.60.
If you're fortunately enough to have a home on the West side of town, say worth 800,000, be prepared for a whopping increase of $1,262.00 for the next twenty years. REMEMBER, THIS IS ON TOP OF WHAT YOU ARE ALREADY PAYING.
Don't want to pay it? Well, your mayor really doesn't care. You see, he can take your home if you decide to skip paying your new property tax bill. THE CITY GETS PAID FIRST, BEFORE YOUR MORTGAGE COMPANY.
"I'LL MOVE".
Moving is always an option. However, higher taxes on your property can REDUCE your property's value.
And, by they way, as the upper middle class throw in the towel after being force fed Sly's vanity train, ever increasing water and sewer bills, schools that can't educate anyone, and decide to move and bail-out to Kansas, the chumps left behind get EVEN higher taxes.
You see, you're voting to keep TAXES HIGH enough to pay for the debt, do as property flees across the state line (like that nice new boat or automobile) there are less people to pay the 20 year mortgage bill as it comes due.
The only logical answer is to put the mayor and city on a fiscal diet. They have nearly a 10% sales tax on every purchase, a 1% income tax and every-time you look they're asking for another billion dollar project that you'll be expected to pay for like a new airport.
It's time for some tough-love and tell the City NO this April.
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