Medina is running out of money — and the irony is lost on no one.
Catherine CliffordJeff Bezos and Bill Gates are the richest people in the world, worth $119 billion and $107 billion respectively, according to Bloomberg.
“You may find it hard to imagine that the City doesn’t have enough income to sustain current service levels, particularly in this economy. While property values continue to rise, the City’s tax revenues don’t rise in tandem,” reads a June 2019 Medina city newsletter. But the majority of the homes in Medina are not that expensive: the median value of a home in Medina is just over $2 million, Ketter says.
The city, if it continues to operate without raising property taxes, will have a deficit of $500,000 by 2020 and a deficit of $3.3 million by 2025, the City says.The fiscal problem in Medina is illustrative of a larger taxation issue in the state of Washington, which doesn’t have a personal or corporate income tax. In 2001, a rule limiting the increase in revenue brought in from property taxes to 1% per year was voted in.
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