Increasing property valuations cut both ways.

Last year (2003) I was able to get a re-appraisal on my house and remove the dreaded “PMI” (aka “Private Mortgage Insurance”) from my mortgage payment based solely on the newfound equity in the new appraisal value. This was based on some insane (yet welcomed, of course) property sales in my neighborhood.

Well, the taxman finally came along for his share of the pie. After voting “no” on every tax increase on the ballot (I'm of the Milton Friedman “Don't ever vote for a tax increase. Ever.” school), Whatcom county extracted their revenge.

My property in Bellingham is now valued at 133% of what it used to be (that is, it was X, now it is (X * 1.33)). Come January 1, my property taxes will increase by a similar proportion. The scary thing? The assessed “fair market” value is less than I'd get if I put it on the market right now.

So that extra chunk plus the 0.1% sales tax increase for the Whatcom county jail that just passed (I think the plethora of other levy measures that could've meant new tax levies for me — state, county, and city — failed) means Rico will be writin' larger checks to the taxman ... er, taxmen.

It almost makes me want to go libertarian.

Nah, I won't do that. Yet. But daggum, we need folks in all levels of “gummint” who won't spend my money (and the money of other taxpayers) like they just won the lottery and there's no tomorrow.