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December 2, 2008 11:47:16 AM CST

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Squeezed Owners Seek Tax Break as Home Values Drop

Posted Dec 23, 07 6:45 AM CST in US,  Business 

(Newser) – With property values falling across much of the nation, more homeowners are asking for reassessments, looking for a break from property taxes that inflated before the subprime mortgage balloon burst, reports the New York Times. For local governments, especially in areas already suffering from high rates of foreclosure, declining property taxes could cause budget cuts, service reductions and layoffs.

The residential tax base has declined by hundreds of millions of dollars in major cities across the country, and a whopping $2.9 billion in California from 2005 to 2008, according to a report by the US Conference of Mayors. Rapid growth areas—Southern California, Florida and parts of the Midwest—will be hardest hit.

Source New York Times

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Chart shows projected home sales for 2008; 1c x 3 inches; 46.5 mm x 76.2 mm   (Associated Press)
Homes are offered for sale in the Fair Oaks Ranch development in Santa Clarita, Calif., in this March 14, 2007, file photo. As home sales and prices continue to drop in California and other states, experts...   (Associated Press)
Open House signs fill a corner in Altadena, Calif., in this Aug. 26, 2007, file photo. Home sales and prices continue to drop in California and other states.   (Associated Press)
An overgrown sign sits on the lawn of an old house for sale in Newtown, Penn., in this May 30, 2007 file photo. Reflecting further housing troubles, sales of existing homes fell in May to the lowest...   (Associated Press)
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subprime mortgages • foreclosure • mortgage • real estate • home sales • real estate values


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