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Wednesday, March 30, 2011

Real Estate Crash Catches Up to Cities as Property Taxes Slide

If you believe your property taxes are too high, you can file a appeal with Clerk of the BoardHere is the appeal form.  Before the Appeal you can also have an informal review by the Assessor Office.
Local officials are now facing the consequences. Property- tax revenue dropped in the last three months of 2010 at the fastest pace since home prices slipped from their peak more than four years ago, the Census Bureau said yesterday. The decline may continue as values fall further, adding strains to cash- strapped localities that already fired workers, halted projects and cut spending because of the recession that began in 2007.
“The story had been a question about why property taxes weren’t declining,” said Christopher Hoene, research director for the Washington-based National League of Cities. “What the census is picking up is that’s been happening and it’s likely to keep happening for the next few quarters.”
The decline for local governments contrasts with a recovery for U.S. states led by income and sales taxes. Their collections in the fourth quarter climbed by $13 billion to $177.8 billion, the biggest jump since 2006, according to the census data released yesterday.
“Cities are by no means out of the woods,” Hoene said. “They have got another year or two of dealing with either declining revenues or pretty slow growth.”

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