Arlington County is sayin' that this year's home values not that bad. The county sees a net gain of 0.4 percent. (The values is used as part of formula to determine what kind of property tax county is going to stick up their residents).
From Arlington County.
Previous projections were for a decline of up to 5.0%. Normal growth for a sustainable budget is plus 4.0%
The commercial property tax base increased by 2.3%, while residential properties saw a net decrease of 1.2%.
The encouraging news on property values was partially offset by downward revisions for other revenues that are sensitive to economic conditions, including personal property taxes on motor vehicles. Additionally, the budget proposed by Virginia Governor Tim Kaine would further reduce state aid to Arlington by $2 million.
County Manager Ron Carlee reported that the County’s projected gap for Fiscal Year 2010 (July 2009 - June 2010) has decreased from approximately $40 million, announced in November 2008, to slightly less than $35 million.
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