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    Tax Revenues Drop as Values Decline

    Montgomery County Auditor Karl Keith told local government finance officers to expect to lose more than $29 million in tax revenue next year as a result of declining property values.  Most of this loss, according to Keith, will be permanent.

     

    “The loss in revenue we are witnessing is tied directly to the decline of property value,” Keith said, “The mandated update of property values in 2011 resulted in an overall decline in value by more than $2 billion.”

     

    These new values will be used to determine tax revenues collected in 2012 for schools, jurisdictions, libraries, and human services.  Keith shared the impact of the new values on revenues with over 60 local officials who attended his Auditor’s Annual Update held at the Dayton RTA and Cultural Center on December 15th. 

     

    “More than 70% of this revenue loss, over $21 million, will be permanent since the new revenue base is being set with lower values,” Keith said.  “More than a quarter of county levies have reached a cap on their effective millage rate, meaning that next year will establish a new revenue base for those levies.” 

     

    According to Keith, any levy approved between 2006 and 2011 will be capped.  This will impact 24 school levies, 25 township levies (roughly half), 15 municipal levies, and 4 out of 5 countywide levies. 

     

    Auditor Keith went on to discuss the state of the housing market and the impact on values, noting more than 7,000 abandoned area properties.  Keith highlighted the new County Land Bank, Neighborhood Stabilization Programs (NSP), demolitions, and the County’s new Expedited Foreclosure process as avenues to help combat housing blight over the long-term. 

    December 22, 2011

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