Writing in support of assessment hike
This letter is addressed to those in Bella Vista who have not yet made up their mind about voting for or against the assessment increase.
Here is why I am voting "Yes." I moved to Bella Vista three years ago and I did a lot of research. I found Bella Vista offered everything that I wanted, including a moderate climate, fabulous amenities, beautiful scenery, small town living with its inherent low crime, and proximity to larger cities. Being a former accountant, my research involved a thorough analysis of cost of living components and let me say that Bella Vista was clearly a winner in that regard.
That leads me to ask those of you who are still undecided about the assessment increase why you moved to Bella Vista? More importantly, if you plan to continue to live here, what is it about Bella Vista that appeals to you? In my case, I want my place of residence to be the best it can be and that means a need to continue to provide the amenities.
My folks had a saying about being "penny-wise but pound-foolish." I think this adage is very pertinent to our current financial situation.
Imagine how our everyday expenses have risen since the last assessment increase that became effective in 2001. The rate of inflation since 2001 has totaled 34.7 percent, according to the U.S. government. Using this rate to calculate what the $24 assessment rate for 2001 should be in 2014 dollars, the result would be an assessment rate of approximately $31 so the proposed $6 increase does not even keep pace with inflation.
To be more direct, failure to approve an assessment increase will damage all homeowners much more in the long run. A $6 monthly increase will mean an additional cost of $72 per year or $720 over 10 years. Let's assume that a home today is valued at $100,000 and that a defeat of the assessment increase would have an adverse affect on the desirability of those who would consider moving here.
Under the laws of supply and demand, even a modest estimate that home values could decline 10 percent would result in a potential $10,000 decrease in the value of one's home. What's that you say about being "penny-wise"?
There are those who claim that we should just do away with the POA. The slogan has a nice ring to it but it is my understanding that there is no way that this could happen based on the legal restraints that are in place. Further, do you really think that the City of Bella Vista has the tax-levying or bonding capacity to take on all the POA properties?
Finally, it is beyond my understanding how the naysayers can lambast and ridicule the current POA Board. These civic-minded people volunteer endless time and talents to make our city a better place to live. For that, I thank them publicly for all their efforts.
Jim Barns
Bella Vista
Editorial on 09/10/2014