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Holding Its Own: Long Beach May Not See Another Tax Hike For Several Years

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Submitted by MiaB

With the cost of living seemingly steadily increasing and the potential toll of a summer that may not get here soon enough (at least for local vendors and merchants) the city of Long Beach my be in for a bit of “good news”.

According to (some) reports, the community after having imposed on it a 25 percent increase in property taxes, raising many homeowner’s annual fees by $500, may now be able to “live” on this implemented increase for four more year without any new taxes.

According to recent reports, officials suggest that the city’s finances are doing better and it will be able to save $5.5 million over the next few years and finance some capital improvements typically funded by long-term borrowing.

Still, the aforementioned figure is said to be “on the conservative side” and, according to officials is about close to the amount raised by the increase in community taxes this year.

However, the document got angry reactions from at least one local government official, noting that the only thing the tax accomplished is making it harder for residents to pay such high prices, and forcing many out of their homes.

Still, others suggest that the taxes are “user friendly” and will stay stable for the 2007/08 fiscal year. Plus, officials say they have confidence that the excess monies raised will be used in a manner that will allow them to stay in place through 2010-11. And, they add that the surplus is expected to run into the millions.

Local News > Holding Its Own: Long Beach May Not See Another Tax Hike For Several Years

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