HomeMy WebLinkAboutCOM 0926.046 2018-2020 I am here representing approximately 100 local business people who are
concerned about how the County is going to afford to keep up services if
businesses continue to be closed and tax revenues decline.
Currently West Hawaii pays the great majority of Real Property Taxes for the
County. That is the main source of County revenue. Those taxes are based upon
market value tax assessments. If the property values go down as a result of
diminution of land value due to declining demand-or increased foreclosures with
people Unable to earn income and pay their mortgages-it will have an impact
next year on the revenue stream and budget.
With businesses forced to close and employees losing their jobs, both demand
for the purchase of property/homes and the unemployed worker's ability to
qualify for or Pay a mortgage will have a direct effect upon that assessed
property value basis.
A decrease In property tax revenues will require a decrease in the County budget
for all services and may even create a need to layoff County workers as a result.
Keeping small businesses alive and keeping residents employed should be a
consideration when the Council considers its budget for the next year.
The Big Island has had .0003% of our population contract AND recover from the
virus. Our economy should not be closed. The impact this will have on property
value, revenue streams, business and home foreclosures, local employment and
more is astronomical and may impact us for years to come unless we open ALL
of Big Island's businesses now and get things started again,
Michelle Melendez
Comm, N I-V
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