Happy Monday.
The good news for homeowners in Worcester, MA is that their property taxes are going down.
The bad news is, so are the values of their homes, their neighbors’ homes, basically, anything that has a door and windows.
From the Worcester Telegram and Gazette:
Continuing on a downward spiral fueled by a foreclosure-riddled housing market, local property values have suffered their biggest single-year slide in more than 15 years.
The total assessed value of all taxable property in the city dropped by an unprecedented $1.2 billion, or nearly 10 percent, between Jan. 1, 2008, and Jan. 1, 2009.
The city’s total valuation, which was $12.1 billion last year, now stands at $10.9 billion. The high water mark for the city’s total valuation was $12.76 billion in 2007.
In two years, the city property values have contracted by $1.8 billion.
Try putting a budget together with those types of numbers.
I guess things are better, here in Boston. My property taxes went up, as did everyone else’s, since the value of all city property increased again, this year.
What economic recession?
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