Tax collection dampened by sales slump
Homeowners who can't sell their properties aren't the only ones with heartburn. Fewer sales mean fewer opportunities for the government to collect taxes.
As Laura Smitherman reports today, the economic and housing-market slowdowns are both eating into tax revenue, "with collections falling $73.5 million short of expectations." Court revenue -- including recordation fees collected when homes change hands -- was $12 million (or 8.3 percent) below the forecasted amount for the last fiscal year, which ended in June.
Comments
I lived in the city 3 years ago and had to leave. I've recently been looking to move back and purchase a home. The city could do it's part to stimulate growth by lowering the ridiculously high tax rates for homeowners in the city. What has happened to all the Tax reduction initiatives?
Posted by: Jimi Barker | August 29, 2008 2:16 PM
No only the tax rate is high, the closing cost in the city is also significantly higher than other counties. I am wondering why.
Posted by: Semiconscious | August 30, 2008 2:34 PM