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Thursday, Mar 28, 2024
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RE Slump’s Silver Lining: Lower Taxes; Governor Moorlach?

One consolation from the recent real estate crash: lower property taxes. For the second straight year about one in five OC property owners has received a blue-colored bill in the mail, meaning the parcel’s taxable value has been reassessed below the purchase price. The tax breaks typically range from 5% to 30% or more, with the biggest drops on properties bought at the market peak in 2006 and 2007. Shaw Lin, a manager in the OC assessor’s office, says last year’s reductions were across the board. This year’s are concentrated more in high-end homes and commercial properties. But there’s even a break for recipients of the more common beige-colored bills that signify a property still is worth more than its taxable value: For the first time since the passage of Proposition 13 in 1978, the state’s consumer price index is negative, so instead of the usual 2% bump in taxable value, there’s a fractional (0.237%) reduction. Lin says tax-bill complaints are down. Of course, the tax breaks mean less revenue for strained government budgets …

John Moorlach is saying, “I told you so”—again. Sixteen years ago his critics got their comeuppance when OC’s bankruptcy vindicated Moorlach’s warnings about then OC treasurer Bob Citron’s risky investments. Now his adversaries are ducking as the OC supe’s predictions of unsustainable public-sector pay and benefits look increasingly prophetic. “We’ve been telling people for five years, it’s just like Citron, can’t you see this coming? Now everybody gets it,” says Moorlach. Public outrage over the Bell city pay scandal also boosts his reform agenda, which goes beyond having cities and agencies publicly disclose compensation schedules to having them compare their costs of doing business. His oft-derided court challenge of a retroactive pension spike granted to OC sheriff deputies has a growing cheering section. He’s pushing for more contract concessions, even as he credits Nick Berardino’s union for compromises to date. Moorlach also says voters should roll back “Rolls-Royce” public pension plans, the state of California should put itself into receivership, and if L.A. Mayor Antonio Villaraigosa “makes it through his term without filing for Chapter 9, it’ll be a miracle.” Moorlach, a CPA, says he’s ready to return to the private sector when his new term as supervisor ends in four years, but don’t bid him farewell just yet: “Let’s say in three years, we win the lawsuit, that might give me a platform to run for governor or controller or treasurer” …

EE RR moderates an OC Forum luncheon with congressional reps Loretta Sanchez, John Campbell, Ed Royce, Dana Rohrabacher, Ken Calvert and Gary Miller Aug. 26 at the Hilton Irvine. Info at www.ocforum.org …

The beach below Nancy and Mike Meyer’s home was a challenging stage for four dancers from UCI’s Claire Trevor School of the Arts, especially at nightfall with the tide around their ankles. Not a problem—the troupe gave a stirring performance to help promote the Laguna Dance Festival.

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