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Friday, March 28, 2008

Oracle's Larry Ellison Gets Home Assessment Reduced by $100 Million; School District Suffers

Larry Ellison’s Tax Cut Breaks School’s Budget (WSJ Buisness Technology Blog), by Ben Worthen:

The Portola Valley School District has to cut six positions–thanks in part to Larry Ellison.

The Oracle chairman, who is the fourteenth richest person in the world, recently had the value of his 23-acre Woodside, Calif., home reassessed from $173 million to about $70 million. That dropped his annual tax bill by more than a million dollars. The biggest loser: Local schools that depend on tax revenue for the lion’s share of their budgets, according to the Almanac.

Check out a picture of the house here.  (Hat Tip:  Sarah Lawsky.)  Update:

http://taxprof.typepad.com/taxprof_blog/2008/03/oracles-larry-e.html

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Comments

Perhaps this suggests that schools should be privatized so that their budgets are not a zero-sum game competition between funding of education and one's personal wealth and fortune.

Posted by: Michael | Mar 28, 2008 6:42:31 PM

I ordinarily appreciate this blog's reporting (and this blog is my favorite among all!!!), but this line needs to be reproduced in the main body of the excerpt, rather than ignored:

"The school district is hardly poor – a post on its Web site boasts that it recently purchased 25 MacBook computers, which can connect to the school’s wireless network."

Whatever else the WSJ article might mean, we should be reminded that the PVSD is fairly wealthy.

Posted by: andy | Mar 29, 2008 2:35:33 AM