ESTÚPIDO SAVANNAH - Friday, June 26, 2009 11:25:23 AM

Larry Peterson’s math has me a might confused.

Hmmmmm

This is probably good news but I guess we’ll have to wait till City Staff gives a report on it to truly understand cause the county folk seem to be trying to muddle the puddle. Of course it could just be Mr. Peterson’s math I can’t follow.

“Assessed home values in Chatham County fell nearly 4 percent last year, according to preliminary figures announced Thursday.”

So that is HOME VALUES down 3 point something?

“The decline of about $336 million in assessed values for homes was part of a report to Chatham commissioners Thursday.”

So that is ASSESSED HOME VALUES down $335 million and change?

“Although exact figures were not available late Thursday, the number of homes increased last year…”

So there were MORE HOMES in Chatham County in this assessment than in the last?

“That means average assessed value dropped by more than 4 percent, Monahan said.”

So… wait. So that is HOME VALUES down 4 point something?

“Overall, the total value assigned to all properties in the county climbed by 1.64 percent to $11.333 billion.”

So when you factor in ALL PROPERTY, values are up 1.64%?

What I take away from this story is about what I expected. Things will stay pretty much exactly the same as they were last year.

Average home sale prices in 2008 were right about where they were in 2005. While they seem to be down further in 2009, the sample is waaaaay smaller so an “apples to apples” comparison is not possible.

Which part of "FROZEN" did you not understand?

Besides, Homeowners won’t notice much of any change in what they pay in taxes on their homes thanks to Stephens/Day despite Mr. Peterson’s wrongheaded description:

“Another offsetting factor was the declining impact of the Stevens-Day exemption, which provides less tax relief when home values plummet.”

How exactly is that possible? How can it offer less relief?

Stephens-Day hasn’t changed, it offers the exact same relief today, tomorrow and next week.

It freezes the taxable value until you sell your home, it isn’t a variable freeze, it isn’t a freeze then a thaw then another freeze.  

It’s frozen, meaning that if you paid too much for your home, you’re stupid and you’re screwed.