Hannibal taxes maybe going up but bigger issue looms
Wed, 03 Sep 2014 23:55:20 GMT —
Property taxes may be going up in Hannibal, but thatâ??s not what you should be worried about.
While you might be paying more, the investment you made into your house, you will not get back.
If a house is assessed at $100,000, in 2014, you would pay $0.27 more in property taxes than last year.
But, what does that mean for your house?
"Virtually no change and therefore, if you had a reassessment on your house this year it only went up in theory 1.7 percent," Doug Warren, the Finance Director for the city of Hannibal, said.
That means when you finally sell your house, you will not be making much off of it.
Warren says that is largely due to Hannibal not growing as a whole.
He says there only one way to get rid of the problem. Hannibal has to grow, and if not, property values will stay down.
"How do you attract businesses and how do you take those people in town who are ready who are entrepreneurs and loving taking a gamble and a risk, how do you empower them to do more," Warren said.
Warren also says the city of Hannibal is taking steps to grow, but only time will tell if those steps will pay off.