Will rising foreclosures sink tax values? - Sentinel & Enterprise

There are 3 comments on the Sentinel & Enterprise story from Apr 27, 2008, titled Will rising foreclosures sink tax values? - Sentinel & Enterprise. In it, Sentinel & Enterprise reports that:

The number of foreclosures occurring in Leominster and Fitchburg are up dramatically in 2008, and experts believe the trend will continue for the foreseeable future.

Join the discussion below, or Read more at Sentinel & Enterprise.

J_in _Ward _1

Taunton, MA

#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

Salem, MA

#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.
Realtyman

Watertown, MA

#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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