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Updated: 4:18 AM Dec 16, 2009
Washoe County Property Taxes to Fall
Washoe County's plummeting home prices means homeowners will be paying less property tax in the year that starts July 1.
Posted: 9:55 PM Dec 15, 2009Reporter: Associated Press Email Address: news@kolotv.com |
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RENO, Nev. (AP) - Washoe County's plummeting home prices means homeowners will be paying less property tax in the year that starts July 1.
Assessor Josh Wilson says combined property values have dropped about $5 billion.
The county drop in value means about $34 million less tax revenue for the county, Reno, Sparks and the school district in 2010-11. That compares with a $11.7 million loss in property taxes in the fiscal year that ends June 30.
Wilson says with Nevada's unemployment rate at 13 percent, more foreclosures are expected, which will further reduce property values.
Copyright 2010 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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