Will rising foreclosures sink tax values? - Sentinel & Enterprise
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#1 Apr 28, 2008
Wouldn't it be a silver lining if property values decreased so much that our property taxes actually stabilized?
I'm not holding my breath though.
Since: Mar 08
#2 Apr 28, 2008
According to the Assessor, declining property values don't affect tax assessments. That's the impression I got from the article. I know of houses that have been on the market for 2+ years, one for 4 years, and no sales.
#3 Apr 29, 2008
Typically, the way many cities/towns fiscal year runs as well as how the values need to be certified by the State, many municipalities run about 2 years behind the market. The good news (I guess) is that we should start to see declining property assessments soon.
The bad news is that municipalities cannot run at a deficit in MA. Therefore, if the budget stays the same (or goes up) and values decline, the Tax Rate is sure to go up.
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