REAL Property MATTERS, ...The ability of communities to raise property tax rates to make up for this shortfall will vary tremendously. New Jersey, for example, already has the highest rates in the country and is seeking ways to reduce this tax burden.
An extreme example of this property tax problem is Henderson, Nevada, which was at the epicenter of the housing market collapse. Nevada’s state and local governments are generally well run and keep robust reserves. Unlike most communities, which reappraise property values every three to five years, Nevada reappraises its property values annually. Henderson’s property tax collections (which include commercial properties) dropped from $131 million in fiscal 2009 to $34 million in fiscal 2012, according to a recent bond offering documents (page 31).
REAL Property MATTERS, ...The ability of communities to raise property tax rates to make up for this shortfall will vary tremendously. New Jersey, for example, already has the highest rates in the country and is seeking ways to reduce this tax burden.
ReplyDeleteAn extreme example of this property tax problem is Henderson, Nevada, which was at the epicenter of the housing market collapse. Nevada’s state and local governments are generally well run and keep robust reserves. Unlike most communities, which reappraise property values every three to five years, Nevada reappraises its property values annually. Henderson’s property tax collections (which include commercial properties) dropped from $131 million in fiscal 2009 to $34 million in fiscal 2012, according to a recent bond offering documents (page 31).