What’s the plan in MD if the tax base decides to leave?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Seeing that every house near me sells within days, if not hours, I’m not too concerned.

I'm not a fan of Moco or Elrich, but this is so true. New build townhomes going for $1million going up everywhere; sfh selling quickly... it's nuts. If everyone is moving to NoVa, then who's buying all these properties around me?

Real estate investors. And then they rent out.

Not what I am seeing in my neighborhood. More the opposite - the couple of rentals right nearby were sold to occupants, not renters.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The “tax base” presently and only consists of residential property taxes paid by individual households (not commercial or multi-family thanks to massive subsidies). So long as the residential real estate market doesn’t crash, the budget should hold up but the county won’t grow. Current obligations can be paid but future cannot. It will result in attrition. Starting with cuts to general services because it’s easier to take a few million off the top of the CIP than to cut specific “pet projects”.

No, the tax base includes income taxes. And, as CA and NYC can tell you, income taxes are generated in substantial part by the wealthiest. For example, at the Federal level, the top 1% pay over 35% of the Federal income taxes, while the top 10% pay roughly 70%. MC is driving out these folks.

You don’t really understand how budgeting works in MD.

I do but thank you for the feedback.

[Anonymous]

Anonymous wrote:The tax base is already leaving Montgomery County. Don't know about the state.

"For the five years from January 2016 through December 2020, the county actually lost 514 (or 0.5%) jobs in the Professional and Business Services industry (North American Industry Classification System Code 1024).

Across the river, Fairfax County gained 10,939 jobs (5.2%) in that same industry. That is a stunning difference for two counties so geographically proximate and similar in many key respects. "

https://bethesdamagazine.com/bethesda-beat/opinion/opinion-private-workforce-losses-show-montgomery-countys-economic-decline/

Businesses may choose to locate or relocate elsewhere but the residential tax base will remain. Plenty of bedroom communities that operate primarily on property taxes and income taxes from residents.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Seeing that every house near me sells within days, if not hours, I’m not too concerned.

I'm not a fan of Moco or Elrich, but this is so true. New build townhomes going for $1million going up everywhere; sfh selling quickly... it's nuts. If everyone is moving to NoVa, then who's buying all these properties around me?

Real estate investors. And then they rent out.

Not what I am seeing in my neighborhood. More the opposite - the couple of rentals right nearby were sold to occupants, not renters.

Also what has happened in our neighborhood. It's gone from absentee landlords to owners in the sfhs, in eastern MoCo.

[Anonymous]

Anonymous wrote:We will be moving to VA OP. Much better jobs and higher paying. MoCo is dying. It is filled entirely with govt workers, non-profit workers, and 'community activists'....basically people with no real jobs. Their only solutions for everything are always higher taxes, more govt, and more spending.

Bailing before MoCo turns into Baltimore.

PP. care to compare real jobs? As govt worker I make $175 K a year (no I’m not rich but live well), have saved almost $1 million ( few thousand dollars shorts) in gov’t savings plan, will have pension and lifetime health benefits, have an advanced degree, and i do really meaningful public service work that I love with flexible hours. What do you do?