tag:blogger.com,1999:blog-2935662058758102231.post301861544850441054..comments2024-03-20T11:21:16.856-04:00Comments on Heneghan’s Dunwoody Blog: Challenge Your Property Assessment - March 1st deadlineJohn Heneghanhttp://www.blogger.com/profile/18046846808671417720noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-2935662058758102231.post-20587579502032158352010-02-17T00:09:09.110-05:002010-02-17T00:09:09.110-05:00I really respect Rep. Mike Jacobs
Rep. Jacobs, co...I really respect Rep. Mike Jacobs<br /><br /><a href="http://www.reporternewspapers.net/Articles-c-2010-02-11-168728.113118-sub_Rep_Jacobs_county_in_tiff_over_stimulusbond_votes.html" rel="nofollow">Rep. Jacobs, county in tiff over stimulus bond votes</a> <br /><br />State Rep. Mike Jacobs (R-DeKalb) and DeKalb County officials are battling over the use of property taxes to repay or guarantee payments on public development bonds without a taxpayer referendum.<br /><br />Jacobs says he understands DeKalb has been granted about $50 million in federal economic recovery stimulus funds and the county would like to use the Economic Recovery and Facility Bonds for funding of public development projects.<br /><br />The federal government will pay 45 percent of the interest payments associated with the public facility bonds. DeKalb County must repay the principle and the remaining 55 percent of the interest on those bonds.<br /><br />Jacobs said the county may also have another $30 million for use for private developments, but private developers are responsible for repaying those bonds and the interest.<br /><br />DeKalb County CEO Burrell Ellis, who already has called for a 1.8 mill tax increase to support his budget for the coming fiscal year, apparently wants to pay the public facility bond interest and repay the bonds using 1 mill of county property tax revenues, Jacobs said.<br /><br />But, there is a glitch in that plan. Jacobs had a law passed in 2007 that restricts counties from committing property tax funds to repay the principle and interest on public facility development bonds without a taxpayer vote.<br /><br />Jacobs' change to the state code, which was directly aimed at DeKalb County at the time, withstood a challenge and was upheld by the Georgia Supreme Court.<br /><br />Jacobs said he had recently been asked by DeKalb officials to amend his 2007 action so that the county would be able to bypass a referendum in its attempt to use 1 mill of property taxes to pay off the principle and interest obligations for public facility bonds used to repay the federal economic stimulus funds.<br /><br />Jacobs said his answer was short: "No."<br /><br />Click the link above for the rest of the story...John Heneghanhttps://www.blogger.com/profile/18046846808671417720noreply@blogger.com