Thursday, August 16, 2007

(humorous) update on property taxes

Cary Malchow paid his $12,656.07 property tax bill with one-dollar bills and bags of change. It took 75 minutes for the office's three cashiers to count it all!

I thought there were laws against this sort of thing (not that there should be!)...

Warren Beebe, the county treasurer, claimed that this prevented his office from making its daily deposit, costing more than $1,000 in interest. Maybe I'll take the time to dig deeper, but two things seem funny about his claim.

First, using his numbers, it would have required a single deposit of $10 million to generate $1,000 in interest (assuming a 4% interest rate). That seems awfully large.

Second, it's at least somewhat common for late afternoon bank deposits to be credited to the next day. Malchow's "deposit" began at 3:30. But maybe the county assessor's bank accepts huge, complex deposits until 5:00.


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