Author: Administrator

Writing notes on pdf’s

Now I can do it.  I can read a pdf document on the screen, highlight or underline parts of it, write notes in the margins, and save it.  I can change or erase my marks without changing the document.  I’ve been looking for a way to do this for a while, and I can do it with Xournal. (It is said that some other programs can also provide this capability, but I haven’t tried them.)

Cook County changes classified assessment rates

Who knew? Not me, but I don’t pay as much attention as I should.  Effective with the “2009 tax year” Cook County is moving toward just two assessment classes: 10% and 25%.  That means that residential and vacant are now supposed to be assessed the same, which is probably good since Assessor Houlihan just couldn’t seem to accept that, under the old system, vacant was supposed to be assessed at a higher percentage of value than owner occupied 1-6 unit residential.  This change will reduce some tax bills and raise others, but total revenue is likely unaffected due to the multiplier which the Illinois Department of Revenue will calculate.

I can’t find any mention of this in the daily newspapers, although separately there seems to be a project to reassess all parcels in the county, instead of just the 1/3 done in a normal year.  (Is this legal? Probably it doesn’t matter.) See Break for suburban homes? – ‘This is not a gimmick,’ Houlihan says, but taxes could still increase Chicago Sun Times May 12 ’09.

Just  in case anybody thinks they understand how assessments work.

Minnesota looks at funding transport from land tax

A new report from the University of Minnesota looks at ways of financing transportation projects by capturing part of the benefit they provide.  Land value tax is only one of the eight options  (Land Value Tax,  Tax Increment Financing, Special Assessments, Transportation Utility Fees, Development Impact Fees,  Negotiated Exactions, Joint Development,  Air Rights) considered.

A quick skim indicates that on the whole it’s pretty good, though it seems to overestimate the difficulty of assessing land value, and repeats the error of some previous studies which conflates owners of land occupied by low income people with the low income people themselves. (More likely, low income people are renters living on land owned by someone else, and when taxes on such land increase the owners can’t pass the cost on to their tenants.)

There is also mention of a study, new to me, that seems to document an anti-sprawl benefit from a land tax. The study unfortunately is secured by ssrn; I shall have to try to find it elsewhere.

This study was requested and funded by the Minnesota legislature.

Hat tip to lvtfan.

Where Chicago posts medallion sales prices

I have been relying on the estimable Chicago Dispatcher monthly newspaper for Chicago medallion sales prices, because I could never find them on the City’s web site.  Now, while trying to figure out something else, I have found the site.   The same page with a different url seems to be here.  It’s not clear whether this link is permanent, but one can navigate to it from  egov.cityofchicago.org using  Your Government > City Departments > Business Affairs and Licensing > Public Vehicles > Taxi and Limo Industry >  Medallion Owners. The latest list posted, thru June 8, is this pdf, showing that on the last date reported, June 9, ten sales closed at prices ranging from $165,000 to $178,000.

Other medallion-related items: Here’s a post indicating that New York, too, is seeing continuing rise in medallion prices.   And Taxi Medallion Systems do not Benefit Drivers.

Chicago medallions rise again.

According to the June issue of Chicago Dispatcher, taxi medallion prices rose again in May, to an average of $170,000.  Here’s some context:

Month                Price               Source
May ’09             $170,000       Chicago Dispatcher
April ’09            $164,500        Chicago Dispatcher
March ’09           $165,000        Chicago Dispatcher
February ’09      $158,000        Chicago Dispatcher
Feb ’07               $  77,000        Chicago Tribune
2004                   >$40,000       Chicago Tribune
1991                     $28,000         Chicago Sun Times

(Chicago Dispatcher data are for the period ending on the 23rd of the indicated month).

I find it remarkable that this kind of real estate has continued to gain value, over 7% in 3 months, while most other kinds in Chicago seem to have declined.  There was, however, considerable fluctuation recently, with sales in late April running around $145,000, increasing to $175,000 on May 19 and 20. According to ads in the Dispatcher, you can lease your medallion out for $600 to $700 per month, a yield of close to 5% (in addition to any price appreciation which might occur).  There is, of course, some risk that the price might depreciate instead.

Wealth stolen thru privilege

We already know this in general, that government-protected privilege is used to steal wealth from the public.  An outrageous specific example appears to be Goldman Sachs, as profiled in Rolling Stone by Matt Taibbi. The text seems to be here and a pdf scan here.

Tho especially aided by a revolving door between GS and regulatory agencies, none of this could happen under a government which sought to eliminate privilege where possible and tax it where it cannot be avoided.   Taibbi doesn’t seem to be aware of this latter point, or maybe it just isn’t as interesting to focus on policy solutions as to discuss evil persons and their organizations.

A rather weak response from Goldman Sachs is reported here, the good news being that

in the wake of the events of the past year or two, Goldman’s partners have pretty much lost their appetite for going into public service.

But as long as privilege thrives, some will find ways to manipulate it to their advantage.

Solution for governments’ budget woes

With governments at all levels in fiscal distress, I just want to describe a solution which would be effective, would save money for most taxpayers, and would encourage productive enterprise.  Georgists will already be familiar with everything below. Continue reading Solution for governments’ budget woes

Climate change uncertainty

It seems the Obamatons are much like the Bushies in their ideological approach to scientific issues, just using a slightly different ideology. This story, which I found on slashdot, made it into the New York Times, though not onto NPR nor what’s left of the Chicago Tribune as far as I can tell. The suppressed paper is here.  I’m not qualified to evaluate it, but it does support my doubts that restriction of greenhouse gas emission will prevent undesirable climate change.

According to the Times article, it was released thru the “Competitive Enterprise Institute,”  which hardly enhances its credibility, but probably helped get it some attention.