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Monday, 14 January 2008 01:13

Real Estate Slump Affects City Revenues

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Amador County Assessor Jim Rooney is warning local governments to brace themselves for reduced growth in property tax revenues next year. At the Plymouth City Council meeting Thursday night, Rooney made an informal presentation on how the current real estate slump is affecting property values – which translates into reduced property taxes filtering down to city governments. For the past several years, the Amador County and cities have enjoyed property tax revenue growth of 15 to 17% per year. Rooney says he thinks revenues next year will likely only increase about 5 to 7%, and that local governments should plan their budgets accordingly. Rooney is scheduled to make a similar presentation to the Jackson City Council at their regular council meeting tonight.

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