- Municipal Finance in the Face of Falling Property Values
- Thomas J Fitzpatrick and Mary Zenker
- The fall in property values associated with the recent recession has caused a decline in property taxes which may be amplifying local government budget crises across the country. Cuyahoga County is set to reappraise property values in 2012, and when it does it may only then absorb the full force of the housing market losses caused by the recession. We estimate the potential losses in property values and the county’s tax base and find that the impact could be significant.
Working Paper, FRB
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