Random Thought For The Day

I have been noticing the "For Sale" signs seemingly on every corner these days. So I did a little research. There's no point to this, just curiosity...

• According to ZipRealty.com, Ruston has 18 properties listed for sale. I counted 17 driving around town on Wednesday, not including Stack Hill and The Commencement condominiums. I expect Zip does not list everything.


• Of the 18 listed on ZipRealty, two are vacant lots. For the homes, the median price asking price is just over $781,000. The high was $1.5 million for a 2 bedroom/2 bath, 2334 square foot new construction. The low was $199,500 for a 4 bedroom/1 bath, 1782 square foot older construction house.


• The average price for the new construction (most were from The Commencement) was about $1,193,000 - older construction averaged $369,430.

I was curious about our property tax trends. Property tax is the mainstay for Ruston's municipal budget. Like everywhere else, decreasing home values has reduced the town's funding. The county assessor values properties, the town receives taxed based on the previous year's value. Here is what the assessor reports for Ruston:

• 2006 total value (taxes paid in 2007): $95,898,389
• 2007 total value (taxes paid in 2008): $106,286,060
• 2008 total value (taxes paid in 2009): $125,083,079

I don't have any point to all this, just the observation that we are normal. There are lots of properties for sale for less than they would have cost a year ago. I expect we will see a reduction in tax income in 2010. Town leaders have a tough road ahead of them, as do the many residents who are loosing value. I hope things turn around quickly.

Karen