The lawsuit at the Sofia-based court was initiated by Civil Initiative "Justice", which insisted that "Garbage is generated by people, not properties, which makes it totally unjust to determine garbage fee on the basis of the
taxable value of the property in question, not the garbage disposed".
It will be the first time the tax revenues will fall below year-earlier levels since fiscal 1950, when the ministry began setting the
taxable value of land under the current method, ministry officials said.
The third and final step in determining property taxes is to multiply the local jurisdiction's mill rate times
taxable value.
It would have allowed the legislature to repeal the "recapture" rule that allows
taxable values on certain homes to continue to rise even if market values are declining until both valuations are equal.
The lawsuit at the Sofia-based administrative court was started by Civil Initiative "Justice" which said in a statement that "Garbage is generated by people, not properties, which makes it totally unjust to determine garbage fee on the basis of the
taxable value of the property in question, not the garbage disposed".
Before these taxes were introduced, the
taxable value of production had already fallen by more than 50 percent.
The city is projecting multi-year declines in
taxable value that, if realized, will ultimately result in declines in property tax revenues absent corrective measures.
In determining the
taxable value of personal property, most jurisdictions have established depreciation or cost-multiplier schedules, which attempt to take into consideration normal wear and tear based on the standard life for the property.
Projected multi-year
taxable value declines, if realized, will result in appreciable declines in total general fund revenues and reserves absent expenditure reductions, enhanced revenue sources, or a combination of both to achieve operating equilibrium.
These factors are dampened by projected
taxable value deterioration resulting in property tax revenue declines, the township's potential susceptibility to downturns at the General Motors Corporation (GMC) Delta plant, and declining socioeconomic indices.
These considerations are tempered by projected
taxable value deterioration resulting in potential property tax revenue declines, coupled with the township's economic susceptibility to the downturn automobile manufacturing industry.
Debt ratios are favorable; debt to
taxable value and debt per capita are modest against the norms.
