Comments on Advance Indiana™: How Much Will The Wishard Bond Issue Raise Your Property Taxes?

They are definitely gunning to raise property taxe...

2009-09-28T13:48:35.612-05:00

They are definitely gunning to raise property taxes by laying the foundation to do so now.

My assessment went up another $47,000 from 2007 to 2008. They haven't raised my property tax payment yet, but they will likely to do it next year.

Everyone should start checking their property tax record for 2008 to see if their property value was raised. You might be in for a horrifying surprise: that your property drastically increased in value in spite of a down economy.

Pat, You raise a good question. I would imagine th...

2009-09-27T16:05:13.249-05:00

Pat, You raise a good question. I would imagine the advertised levy each year would have to include enough to cover the bond debt; however, the county would not collect it unless HHC's funds are short and unable to cover it. Mechanically, I'm not certain how that is accomplished.

AI - that's an excellent point about any new W...

2009-09-27T14:31:54.107-05:00

AI - that's an excellent point about any new Wishard property taxes being outside the caps. It just didn't dawn on me.

H&H actually takes in more than the $3.7 Million you mention here - more like $25-30 Million for 2010. That $3.7 Million figure is the just the amount they tax us to make payments on their existing bonds that are secured with ad valorem property taxes.

According to documents provided by the Indianapolis Bond Bank Executive Director, Kevin Taylor, during the budget hearings H&H still owes $16.7M for a bond issued in 1992, and, $25.0M for a bond issued in 2005. I haven't read anything in the two public notices H&H put out that says the new bond(age) will pay off those two. So, it might be like the Hoosier Dome where the taxpayers will be paying off bonds on buildings that they simply do not own anymore, if those buildings even still exist.

One important thing remains unclear to me -- If they float bonds secured by ad valorem property taxes, are they legally required by the bond laws to actually charge for those property taxes. So, if it will cost $54M per year to pay back the bonds, do they HAVE to add $54M more in property tax levy over and above the current $25-30M levy for H&H? Or do the bond laws just say the fallback position is to increase taxes, should other sources of revenue fail to provide enough money.

Since H&H has only been profitable for a couple of years, voters should weigh how confident they are with that fact when they fill in their ballot bubble. They are guaranteeing their homes as collateral for the repayment of the bonds if the referendum passes.

That's good to hear, Carl. Why are you shuttin...

2009-09-26T15:30:12.971-05:00

That's good to hear, Carl. Why are you shutting the rest of us out? You spent an hour on the telephone with me taking up my time and telling me there was going to be a meeting with several people to begin organizing an opposition and then you just disappeared. What gives? With all due respect, you're probably a day late and a dollar short.

FYI: This Monday (9/28) on Abdul In The Morning S...

2009-09-26T14:24:43.514-05:00

FYI: This Monday (9/28) on Abdul In The Morning Show (WXNT, AM 1430), the Indianapolis Taxpayers Association will present organized opposition to Wishard Hospital & Indiana University's proposed property tax increase.