Metro Detroit property values plunge - Cutbacks eyed as tax collections shrink

[Bozita]

Source: Detroit Free Press

Metro Detroit property values plunge
Cutbacks eyed as tax collections shrink
BY KATHLEEN GRAY, STEVE NEAVLING AND JOHN WISELY • FREE PRESS STAFF WRITERS • APRIL 29, 2009


Local officials are scrutinizing public services from snowplowing to libraries to street sweeping as the latest analysis of property assessments shows declines in every community in Wayne, Macomb and Oakland counties.

In 50 cities or townships, property values dropped by double digits in the past year.

Houses sold after mortgage foreclosures are cited across the region as the biggest reason for the steep declines.

"It's the worst I've ever seen," said Gerald Owczarzak, city assessor of Harper Woods, which recorded a 16.5% drop in value. "A lot of our sales have been foreclosures. We've had 400-500 in the last few years."

Read more: http://www.freep.com/article/20090429/NEWS06/904290375/Cuts+in+services+eyed+as+property+values+plunge

[jody]

1. Will police & sheriff departments be reduced and how will this affect response to violent crime? n/t