Category: MONEY

Property Tax Approved, But Letter Blaming State Will Not Be Sent

Mohave County taxpayers will be paying more in property tax, but they won’t be getting a letter blaming the state legislature for the increase. Monday, a deeply divided Mohave County Board of Supervisors voted, 3-2, to increase the property tax by 4.3 percent.             District 1 Supervisor Gary Watson, District 3 Supervisor Buster Johnson and District 4 Supervisor Jean Bishop continued their support in pushing the tax increase into fruition, which, according to county administrators will increase the primary property taxes on a $100,000 home to increase from $188.88 to $196.96.             District 2 Supervisor Hildy Angius and District 5 Supervisor Steve Moss continued their opposition to the property tax increase. Although both supervisors have consistently argued that the county already has more than enough money to weather the $1.2-to-$2.8 million dollars in cost-shifts from the state without raising any tax, both suggested an increase in the county’s sales tax would be a better option for residents.             Bishop again mentioned her preferred choice for an increase in the sales tax rate, but indicated that did not gain any traction with her colleagues when she first brought it up. Unlike the property tax increase, an increase in the sales tax would have required a unanimous vote of the Board of Supervisors. Johnson made it clear during the budget discussions that he would never support an increase in the sales tax...

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Johnson Warns of $265 Billion Wave That’s About to Hit Some Property Owners

LAKE HAVASU CITY–According to the credit reporting agency Experian, millions of property owners who took out home equality lines of credit (HELOCs) in 2005 are about to be surprised when they receive their next mortgage statement. A report released by the major credit reporting company shows that overall homeowners will be pay an additional $265 billion this year when their HELOCs enter the reimbursement stage. “Homeowners opened these lines of credit during stable financial times with the assumption that properties would continue to rise,” Supervisor Johnson stated. “Unfortunately, the housing market crashed a couple years after many received their home equality lines and today many homeowners are still facing financial difficulties,” Johnson continued. HELOCs are when homeowners draw a line of credit on their existing mortgage. “Historically HELOCs were used to make repairs to a property in order to restore or raise the value,” Johnson explained. According to the Experian report, many individuals who took out these lines of credit from 2005-2008 took out the maximum line of credit they could and never paid down any of it during the ten-year draw period. “These lines of credit are basically broken down into two periods, the draw and the repayment. During the draw period, homeowners can draw off the line of credit but are only required to make the minimum, no-interest free payment,” Johnson stated. During the repayment period, Experian...

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Arizona’s Fortune 500 Companies Bring in Over $70B in Revenue to the State

LAKE HAVASU CITY–Five companies in Arizona have made Forbes 2015 Fortune 500 list. Forbes has distributed the list for the past 61 years. Arizona’s first successful company on the list at spot 108 this year is Avnet. The electronic distribution company has made the top 500 for the past 47 years. “These five companies have chosen Arizona as their home base and have contributed billions in economic development to this state,” Supervisor Buster Johnson stated. In total, the Fortune 500 companies account for $12.5 trillion in revenues, $945 billion in profits, $17 trillion in market value and employ 26.8 million people worldwide. The list, compiled by Fortune Magazine, is a list of giant U.S. corporations ranked by annual revenue for each company’s latest fiscal year. Walmart topped this year’s list with revenue of $468 billion, followed by Exxon Mobile, Chevron, Berkshire Hathaway, and Apple. In terms of revenue, Avnet is the biggest corporation headquartered in Arizona, ranking in 108th place, followed by copper miner Freeport-McMoRan, waste hauler Republic Services, retailer PetSmart and computer-seller Insight Enterprises. “Avnet brought in $27.5 Billion this past year,” Johnson stated. “All together these top five companies bring in over $70 billion in revenue and thousands of jobs to the citizens of Arizona,” Johnson continued. According to Fortune Magazine, an additional 11 companies made the Forbes Fortune 1000 list. The following are the 16 total...

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