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CORRESPONDENCE - 65A
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CORRESPONDENCE - 65A
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6/19/2019 10:24:33 AM
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City Clerk
Item #
65A
Date
5/21/2019
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1 <br />would currently be paying a total of $450,000 in property taxes to the city, a net increase of <br />over $400,000 a year. <br />Calculation of estimated property tax receipts without rent control: <br />• Current net taxes: _ $45,000 x 10 = $450,000. Subtract current estimated tax receipts of <br />$45,000. Resulting in a $405,000 net loss annually to City treasury <br />• Looking Back 20 years: if rent control were not in place, it is assumed the increased <br />annual assessed values would have resulted in a net increase of $5 million in property <br />taxes since 1983. This is an average estimated loss to the city of $250,000 a year (in <br />2012 dollars). <br />• Looking Forward: the continued existence of rent control will result in Oceanside losing <br />$4 million in property taxes (2012 dollars) over the next decade. <br />Conclusions <br />From 1999 through 2011, Oceanside taxpayers have spent and lost $7.5 million as a result of <br />rent control. If rent control is maintained in its current form, Oceanside will spend and lose <br />another $8 million over next decade. In addition, it is clear that hundreds of thousands of <br />dollars in additional staff and outside legal costs have been incurred, but the city has not kept <br />track of these detailed expenditures. While citizens debate the merits and demerits of rent <br />control, one thing is clear: rent control is a costly proposition to Oceanside's taxpayers. <br />F] <br />
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