Fix assessed value to match reality

It seems the housing bubble has burst with a really big bang. The funny money speculation prices, by which property tax evaluations are pegged, are in steep decline.

By last October, the statistics had already shown a nationwide contraction of home values approaching 11 percent. The sale of new and used homes showed a decline of 19 percent from levels achieved the previous year. At this point in time, the prognosis is looking so bad that the bottom cannot be ascertained.

As the funny money balloon was taking on more and more air, property evaluations were also inflating, rising to a point where people were literally being taxed out of their homes. One has to wonder to what role rising property tax liabilities played in making those house payments unaffordable.

I realize that the county assessor is mandated by law to follow a formula to determine valuation, but when he sees a decline in value to the extent that we are experiencing today, he needs to re-evaluate and get the valuations back to realistic levels. He needs to do this without delay to prevent further damage.

Since property tax liability for the average homeowner has now reached confiscatory levels, the various taxing bodies that comprise the property tax bill should review their budget requests.

For example, I don't think the three-year-old Gail Borden Library needs a new "green" roof, an enlarged video entertainment section or a tropical roof garden.

All I'm asking here is that they exercise a bit more fiscal prudence -- show a little mercy if you will -- for those who shoulder the burden and simply cannot afford their grandiose aspirations.

Vincent A. Froberg

Elgin