Anonymous wrote:
Because businesses pay taxes as well. Retirees still pay property, but they don't make as much incomes like they used to during their prime earning years. That's what the issue is with so many retirees exploding in the county and a decrease in the number of people paying income taxes who will be in their prime earning years. It'll put the squeeze on MoCo's finances even more when tax receipts fall after all of those high earning baby boomers retire and start reporting much less income for the county to tax. No business growth, exploding reitree population, pension liabilities coming due, AND the fact that everyone demands never ending spending on MCPS means a high probability of tax increases coming in MoCo soon to try to plug the huge budget decifits the county already has been running up. My guess is that by 2025-2028 we will see some in taxes, possibly a significant amount. It'll suck one day if you buy a home, taxes increase overnight, and now you're in a world of hurtin' because your taxes went up a ton.
+1 except taxes are going to have to go up much sooner. MOCO revenues have been declining for several years. They have only met their debt obligation by reducing the amount that they need to put toward the pension funds so now this is another financial liability. This is why Moody's threatened to lower the county's credit rating next year if they did it again.
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