Drop In Home Values Now Affecting Property Taxes

Hicks says the drop means less money for local government in places that are primarily financed by property taxes.

Tax forms

Photo: MoneyBlogNewz (Flickr)

Property taxes in the U.S. are starting to fall.

Property taxes in the U.S. are starting to fall despite the fact that home values have fallen over the last few years.

Ball State economist Dr. Michael Hicks says it typically takes 18 to 24 months in Indiana for a significant drop in home prices to work its way through the property tax system. Dr. Hicks says the drop in property taxes really magnifies how deep the recession was on assets.

He also says the drop in property taxes shouldn’t have a large effect on schools.

“In Indiana, the operating cost of schools with the exception of transportation and construction are all paid for by state dollars so schools aren’t feeling the pinch from property taxes except for getting kids to and from schools,” he says.

Hicks says the drop means less money for local government in places that are primarily financed by property taxes.

Network Indiana

Network Indiana Indiana's Only Audio News Network. Network Indiana is dedicated to providing the state of Indiana important and useful information.

View all posts by this author »

  • Lisa

    affecting=verb. effect=noun

What is RSS? RSS makes it possible to subscribe to a website's updates instead of visiting it by delivering new posts to your RSS reader automatically. Choose to receive some or all of the updates from Indiana Public Media News:

Support For Indiana Public Media Comes From

Search News

Stay Connected

RSS e-mail itunes Facebook Twitter Flickr YouTube

Follow us on Twitter

What is RSS? RSS makes it possible to subscribe to a website's updates instead of visiting it by delivering new posts to your RSS reader automatically. Choose to receive some or all of the updates from Indiana Public Media News:

Recent Business & Economy Stories

Recent Videos

Find Us on Facebook