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Lower property values to cost county $101K in 2011

Submitted by on April 22, 2010 – 4:20 amNo Comment

Declining assessed and taxable values may be good for homeowners, but they are hurting the bottom line of Alpena County.

Assessed values have gone down in 2010 for the second year in a row; but for the first time in many years so are taxable values – by an average of 2.21-percent.  That means the county will collect less property tax revenue in 2011, an estimated loss of a little more than $101,000.

“If the economy keeps going like it is, this could happen again the next year (2012),” said Equalization Director Jerry Halas. 

“I think it could happen again for the next 4-5 years,” countered County Treasurer Joelyn McCallum.

As TNRN first reported in February, due to Michigan’s poor economy, the state’s inflation multiplier for 2010 dropped to .997 percent, which means taxable values have decreased for the first time since 1994.

Residents only realized a savings on their 2010 tax bills if the assessed value is the same or slightly above the taxable value of their property. 

In Maple Ridge Township, assessments were lowered on average, by 16 percent this year.  Sanborn Township residents also saw a big drop.  Alpena Township assessments fell 3.5 percent on average, and residential values in the city decreased 7-8 percent.