Do not discard pay as you go

FI-Letter-to-the-EditorTo the Editor

In his letter of May 23, Jean-Jacques Illi got two critical points exactly right.

Firstly, and contrary to popular perception, Greenwich property taxes are not low. In fact, on a per capita basis, ours are among the highest in the state. What we do have are low tax rates.

In other words, our taxes (the numerator) are high, but our property values (the denominator) are even higher.

Secondly, previous generations paid for their capital appropriations without long-term debt, even though later generations were the beneficiaries. Is it right for us to turn around and shift the cost of our capital projects to future generations?

Our modified pay-as-you-go policy has served us well for decades. We should not discard that policy just because interest rates happen to be low.

 

Peter Crumbine
Greenwich

 

The author is a former selectman for the town of Greenwich.

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