Residential Property Values Continue to Decline Affecting Counties’ #1 Revenue Source

According to a recent press release from the State Department of Assessments and Taxation, assessment notices mailed to homeowners on December 27, 2011 reflect another large decrease in residential property values. These properties was last assessed in 2008.

Over the past three years, residential property values in this group have experienced a decline in value with 91% of them decreasing. On average, the residential values in this group being reassessed decreased by 17%.

This is the third year in a row residential property values have declined.  The group of homes that were assessed in 2010 dropped an average of 22% in value, and those assessed in 2009 dropped by 20%.

A previous blog posts points out that growth in property tax revenues is pretty much stagnet and that State property tax revenues are projected to decline for the next years and then remain flat.  All of this indicates that counties have a few more tough years ahead.  Counties are already projecting to bring in less property tax revenue in FY 2012 than they did in FY 2011.

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