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City Lowers Size Of State Tax Bite
LA MESA -- City of La Mesa finance officials spent much of the last 48 hours in continual negotiations with state officials trying to clarify exactly how much money the state is owed from local tax coffers.
David Witt, La Mesa's city manager, said those negotiations led the city to recalculate the massive payment the state was claiming as the result in shifts in state laws governing local redevelopment districts.
"We now believe the payment to the state is over $900,000, not the $1.9 million we originally estimated,'' Witt said Thursday evening. "It's been non-stop the last couple days, but I think we have come to a better place.''
Witt said the deviation was due in part to determining at what point these locally collected taxes needed to be handed over to the state. The state's demand letter, which arrived without warning last Friday, sent municipalities throughout the state into frantic work to determine how big a check to write to the state.
Witt said the nearly $1-million has been turned over to the state and negotations will continue to make sure the calculation was correct.
"It is still a big bite out of our reserves,'' Witt said. "It just isn't as big as we first thought. We'll hope this is where it ends up.''
Comment
Comment by helen t. givens on July 13, 2012 at 8:36am La Mesa has a talented, dedicated, hard-working staff. Many criticize without knowing the facts. We are fortunate. And the city council, with all the complaints also works diligently and that is why La Mesa is the fine family city it is!
Short sales routinely show up in credit reports as foreclosures
Source: Los Angeles Times
Large numbers of homeowners who have negotiated short sales are at risk because of a startling omission in the credit system. Their credit reports and scores indicate that they were foreclosed upon, rather than having negotiated a mutually agreeable resolution with their lender, and the Federal Trade Commission and the Consumer Financial Protection Bureau are investigating why and how this happened.
Read the full story
http://www.latimes.com/business/realestate/la-fi-harney-20130519,0,111610.story
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