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Real Estate Slump Affects City Revenues |
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Monday, 14 January 2008 |
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Amador
County Assessor Jim Rooney is warning local governments to brace themselves for
reduced growth in property tax revenues next year. At the Plymouth City Council
meeting Thursday night, Rooney made an informal presentation on how the current
real estate slump is affecting property values – which translates into reduced
property taxes filtering down to city governments. For the past several years,
the Amador County and cities have enjoyed property
tax revenue growth of 15 to 17% per year. Rooney says he thinks revenues next
year will likely only increase about 5 to 7%, and that local governments should
plan their budgets accordingly. Rooney is scheduled to make a similar
presentation to the Jackson City Council at their regular council meeting
tonight.
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