Thursday, October 27, 2011

Dive in home values hits San Mateo County governments

As property values decline in San Mateo County, governments are feeling the pain.

According to county data released this month, Peninsula property values declined a whopping $4 billion in the 2009-10 tax year, which worked out to $40 million less in property tax revenue for governments.

“Coming at a time when San Mateo County itself is running a $50 million deficit, it’s just another hit,” said Rebecca Irwin, legislative aide for county Supervisor Rose Jacobs Gibson, whose website links to the report.

And between 2010 and 2012, governments will lose another $30 million, the report predicts.

In 2010, the county reassessed property values, taking a huge bite out of tax revenues that year, said Terry Flinn, special assistant to the county assessor.

Posted by Steve Sinai

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