Even more signs

As I've watched the news about our economic crisis over the last year, one piece of information that I was anxiously awaiting - as a measure of my personal "economic" position - was Clark County's tax assesment value assigned to my home for 2009.  Vegas has been in the national spotlight for the top spot in the nation for foreclosures, as well as noted as one of the nation's communities with the most significant property value losses in 2008 - upwards of 30%.

I was prepared for this eventuality when, as I've recently posted, my HELOC was "restricted" due to the fall in my home's value. I was fully prepared to see the assessed value of my house  reduced over 2008, and logically assumed my taxes would be reduced proportionately.  

Ah - no - doesn't look like THAT'S gonna happen.   How silly of me.

The assessed value of my home (a 10 year old condo) fell a whopping 67%.  To be clear, the building value went up a few dollars ($29), but the land value was reduced by almost 70%.   

Here's the hard numbers:  I paid $220,000 for my house in 2005.  For 2008 the assessed value was $212,500.  For 2009, that value is now $126,600.   The TAX value is figured at 35% of assessed value, so my taxes for 2008 were figured on $74,400 and for 2009 will be figured on $44,300.  See?  Makes sense, then that the taxes I will pay in 2009 should be less.  

The problem arises when you factor in a tax cap which increased 2007 taxes by only 3%.  I don't have the actual tax numbers yet that I will pay for 2009, but here is their (the county's) example provided to prepare me for perhaps paying MORE in taxes despite a 67% drop in value.

A home valued in 2007 at $200,000 had an assessed value of $70,000 (that 35% thing) and taxes of $2,240 that with the 3% tax cap were actually $1,224.  For 2008, that same home was devalued to $150,000 with a 35% assessed value of $52,500 and taxes of $1,680 with a 3% tax cap were actually $1,261 - an INCREASE of $37 despite a 25% drop in value.  

Is it just me, or is something wrong with this picture?  Stay tuned.

Snow Ice Cream

I grew up with snow.  It's no big deal to see snow.  But on Monday there was a storm that dumped a few inches of snow on the west side of the Vegas Valley.  And today everybody in the area is getting snow, and not just a few flurries.   It's a hoot to see the palm trees covered with snow.

It's a big deal here.  Hearing people talk about it, and of course the expected newsclips of children making snow angels, building snowmen, sledding (cardboard is just fine as a sled but cafeteria trays are better!) and having snowball battles.  And I'm reminded that while snow is not a big deal to me, it is a rare treat for the longtime residents of the Valley.  

I remember snow ice cream the best.  I passed that tradition down to my kids.  But you need alot of snow.  And part of the fun - to stretch out the excitement of the day - was to put a huge bowl outside and watch patiently for it fill up with snow.  From there, it's a blank pallet for making snow ice cream.  The basics were usually sugar, vanilla and milk (canned, condensed, cow's, half & half).  But we tried chocolate or maple syrup, soda, dry jello, maraschino cherry juice, chocolate chips - you get the idea.  And it's a treat to be made and eaten immediately but not too fast or brain freeze occurs!  Google it and you won't be disappointed in the variety of recipes, or watch this How To video.

It's not the best ice cream you'll ever eat, but I guarantee it will be the most memorable.

Lessons Learned

Funny how parental philosophies are passed down.  It turns out, in discussion with one of my younger brothers, that our father (a career car mechanic) passed down his philosophy on vehicular preparedness equally well to his six daughters and sons. If you had spare keys, jumper cables and an ice scraper always in the car, you were prepared.  

I've retained this lesson so well that 40 years after my Dad taught me to drive, I still have an ice scraper in my car, and I live in Las Vegas for pete's sake.  How funny is that?  Somehow I think it would be bad chi, or joo-joo, or luck to not have that ice scraper in the trunk.   

As for the jumper cables - they went in the storage room one day after suffering merciless harrassment from friends who thought the picture of me jumping my car battery too hilarious for words.  I could do it - but, besides the chance of it being needed about nil with a leased fairly-new vehicle - it's easier to call the free roadside service than worry about getting dirty.  And when the teen-age child of one of those friends was totally puzzled as to what the things were and what you used them for - well - that was just too insulting.  Hell, I know people that don't have a clue as to how to even open the hood of their car.

The spare keys are a little harder in today's world of keyless entry, but the two extra's that came with the car are in good places.

Thanks, Dad.   

Today?  You better have the cell phone charger, the credit card, and a roadside assistance contract.