Share on Google Plus Share on Twitter Share on Facebook 3 Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend 5 (8 Shares)  
Printer Friendly Page Save As Favorite View Favorites View Stats   7 comments

OpEdNews Op Eds

North Dakota considers eliminating property tax

By (about the author)     Permalink       (Page 1 of 1 pages)
Related Topic(s): ; ; ; ; ; ; , Add Tags Group(s): , Add to My Group(s)

Well Said 1   News 1   Supported 1  
View Ratings | Rate It

opednews.com Headlined to H2 6/12/12

Become a Fan
  (58 fans)

North Dakota tries to bankrupt itself, once the oil & gas runs out.  This is even worse than California-destroying proposition 13.  From the NY Times:
"BISMARCK, N.D. -- Since Californians shrank their property taxes more than three decades ago by passing Proposition 13, people around the nation have echoed their dismay over such levies, putting forth plans to even them, simplify them, cap them, slash them. In an election here on Tuesday, residents of North Dakota will consider a measure that reaches far beyond any of that -- one that abolishes the property tax entirely. "

Read the rest here:

North Dakota Considers Eliminating Property Tax.
 
Not even their terrific Public State Bank will save them from this blunder.  They are already in a housing bubble, with apartment prices in northwest ND as high as Manhattan, due to the inflow of oil&gas workers with no place to live.  The price of oil is plunging and natural gas has already reached an historic low.  Already, NG wells are being capped.  Will ND kill its best source of revenue, just when the NG bubble has peaked?  This would work out well for the NG corporations, who then would not have to pay property tax on their idle properties, while they wait for years for the NG price to go back up (their thinking now is to export liquified NG).  Great - a resource bubble AND a housing bubble at the same time.  Of course, both are really Land bubbles.  North Dakota's coffers are full now, enabling their politicians to allow stupid things like this.  There is no way to make up the revenue - $812 million - none is even seriously proposed.  The poor widow strikes again!  While we can defer the poor widow's property taxes, we can't defer natural law or the law of supply and demand.  Both will bankrupt the state if this goes through.  It's just a matter of when.

 

http://newthinking.blogspot.com/

Scott Baker is a Senior Editor/Economics Editor and Writer at Opednews, and a blogger for Huffington Post.
Scott Baker is President of Common Ground-NYC (http://commongroundnyc.org/), a Geoist/Georgist group. He has written dozens of (more...)
 

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon

Go To Commenting
The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Follow Me on Twitter

Contact Author Contact Editor View Authors' Articles

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Obama Explains the FEMA Camps

Was Malaysian Flight MH370 Landed Safely in Afghanistan?

Let the Sun Shine on a State Bank in Florida

Batman, The Dark Knight Rises...and Occupy Wall Street Falls

The Least Productive People in the World

The continuing plight of Malaysian Flight MH370 - 2 month update

Comments

The time limit for entering new comments on this article has expired.

This limit can be removed. Our paid membership program is designed to give you many benefits, such as removing this time limit. To learn more, please click here.

Comments: Expand   Shrink   Hide  
4 people are discussing this page, with 7 comments
To view all comments:
Expand Comments
(Or you can set your preferences to show all comments, always)

...that it results in everyone, no matter how poor... by Jill Herendeen on Tuesday, Jun 12, 2012 at 12:17:25 PM
North Dakota wants to join Alaska in becoming more... by Corey Mondello on Tuesday, Jun 12, 2012 at 5:28:31 PM
The amount of land that is being held out of use f... by David Chester on Wednesday, Jun 13, 2012 at 8:16:26 AM
North Dakotans dodged a bullet when the measure wa... by Scott Baker on Wednesday, Jun 13, 2012 at 12:32:23 PM
that LVT in North Dakota is not needed?... by David Chester on Thursday, Jun 14, 2012 at 3:53:25 AM
Every state needs LVT, especially ones like ND tha... by Scott Baker on Thursday, Jun 14, 2012 at 1:44:27 PM
Considering the fact that if you're living, you ha... by Jill Herendeen on Wednesday, Jun 13, 2012 at 6:11:25 PM