Monday, December 27, 2010
The Property Tax Domino Effect (Atlanta Metro Area)
Link to December 26 Atlanta Journal-Constitution article, "Atlanta property taxes: Budgets sink as values fall".
Excerpt: An historic real estate collapse has hamstrung the economy and erased a decade’s worth of gains in the biggest asset most families have: their home.
Metro Atlanta governments are struggling as plummeting real estate values take a toll on property taxes, their biggest source of revenue.
An investigation by The Atlanta Journal-Constitution has found the five largest metro counties cut property values that help determine tax bills by $24.3 billion dollars, or 6 percent, in 2010. But in many cases, it wasn’t enough. Residential values in many areas remain too high.
As county appraisers continue to lower values, property owners might save money on their tax bills. But the savings might come at the expense of services they take for granted.
It’s already happening.
Libraries are closing on weekends. Class sizes are getting bigger. School years are getting shorter. And this may be just the beginning.