As the economy dives and housing values plummet, revenue from property taxes is expected to fall over the next few years, making things tough for many cities.
"In the current recession, real estate values are plummeting, foreclosures are rising and huge numbers of taxpayers are disappearing from tax rolls. 'The property tax,' says Guy Griscom, past president of the International Association of Assessing Officers, 'is the primary source of revenue for localities. Right now, it's threatened.'"
"Whatever the law may be in a given jurisdiction, it's inevitable that when assessed values fall, the tax base ultimately shrinks. There is less money to spend for public purposes. 'We are still in phase one of what is likely to be a several-year cycle of property tax revenue declines for locals,' says Chris Hoene, of the National League of Cities. 'We've only just entered the woods.'"
"Whatever the law may be in a given jurisdiction, it's inevitable that when assessed values fall, the tax base ultimately shrinks. There is less money to spend for public purposes. 'We are still in phase one of what is likely to be a several-year cycle of property tax revenue declines for locals,' says Chris Hoene, of the National League of Cities. 'We've only just entered the woods.'"
"And for many homeowners, the woods will be full of unpleasant surprises this year. For example, every state sets an assessment date for establishing the value of property in the coming tax year. In many states, that date is January 1. Property owners receive a notice of the evaluation and of what their property tax will be some three or four months later. If the value of a house drops between the assessment date and receipt of the tax bill, that downward change is rarely reflected in the bill. The gut reaction of the homeowners is often vitriolic. They see themselves as being taxed on an unrealistic and unwarranted value. This is especially true right now."
"'What taxpayers might not understand,' Griscom says, 'is that they are going to pay taxes at the end of 2009 based on the value levied at the beginning of the year.'"
FULL STORY: A Break in the Levy
Pennsylvania Mall Conversion Bill Passes House
If passed, the bill would promote the adaptive reuse of defunct commercial buildings.
Coming Soon to Ohio: The Largest Agrivoltaic Farm in the US
The ambitious 6,000-acre project will combine an 800-watt solar farm with crop and livestock production.
World's Largest Wildlife Overpass In the Works in Los Angeles County
Caltrans will soon close half of the 101 Freeway in order to continue construction of the Wallis Annenberg Wildlife Crossing near Agoura Hills in Los Angeles County.
California Grid Runs on 100% Renewable Energy for Over 9 Hours
The state’s energy grid was entirely powered by clean energy for some portion of the day on 37 out of the last 45 days.
New Forecasting Tool Aims to Reduce Heat-Related Deaths
Two federal agencies launched a new, easy-to-use, color-coded heat warning system that combines meteorological and medical risk factors.
AI Traffic Management Comes to Dallas-Fort Worth
Several Texas cities are using an AI-powered platform called NoTraffic to help manage traffic signals to increase safety and improve traffic flow.
City of Costa Mesa
Licking County
Barrett Planning Group LLC
HUD's Office of Policy Development and Research
Mpact Transit + Community
HUD's Office of Policy Development and Research
Tufts University, Department of Urban and Environmental Policy & Planning
City of Universal City TX
ULI Northwest Arkansas
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.