Monday, August 25, 2008

"The Real Estate Market Stinks"

Albemarle County's budget is in trouble--as are local and state budgets everywhere.

“What we all know is that the real-estate market stinks. Property values have dropped. And therefore our revenues are going to be dropping,” Supervisor David Slutzky said, in a recent article in the Daily Progress.

Figures due next month, September, are expected to show that Albemarle County Revenues are declining. This, along with Virginia's budget deficit, equals--what? A cut in services? But which ones?

The article tells us "'Inadequate funding for core services has adverse effects,' Slutzky said, citing a lack of adequate funding in Charlottesville and Albemarle County for police officers. The result has been a recent gang-related crime problem, he said."

Where else will we see problems?

While the County's deficit is unclear, the City of Charlottesville is facing a $1.78 Million projected deficit. And the Commonwealth itself faces a deficit of $641 Million.

Is the solution to raise taxes, or find money elsewhere?


Montpellier said...

I dunno about you other home-debtors, but I'm really looking forward to re-assessments this year. I plan to challenge...hard. Charlottesville could definitely take a bite out of it deficit by cutting into the amorphous "neighborhood development" budget.

Stormy said...

It's not the reassessment that's going to get you, M, it's the tax rate that the BoS will set. I'd expect to see the rate jump to $.75 just to keep the budget at the same level as last year with the declining assessments. Then tack on whatever else Slutsky & Co. want to spend on, and you'll see a tax rate up around $.80, a far cry from the $.68 of just a couple of years ago.

Real C'ville - The Bubble Blog said...

It may be assessment, AND it may be the tax rate. But see:

tax payers' "rebellion" from WSJ:

How to Challenge a Tax Assessment from MSNBC:

or google it yrself, & get 380,000 hits in .30 seconds

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