NBC4 has a video and article on Prince William County foreclosures.
From the article:
"No one showed up to bid or buy in Prince William County Friday, but the auctioneer will stay busy due to the growing number of home foreclosures in the county that are causing a ripple effect in the county's revenue stream.
There have been nearly 1,000 foreclosures since August, and the "for sale" signs are springing up like weeds.
"This could be catastrophic to the school budget," said Board of Education chair Lucy Beauchamp.
. . ."The board can raise the tax rate to offset that," Martino [county's director of finance] said."
3 comments:
. . ."The board can raise the tax rate to offset that," Martino [county's director of finance] said."
So what have they been doing with all the increased revenue generated with the increases in home values the last half decade?
Tax and spend, tax and spend.
One thing to watch will be the actual increases or declines in school enrollments.
It seems obvious, though, that the County will try to keep their windfall from the recent runup.
Last year three months of our rent would have just covered the taxes on our landlord's property.
Not only will the foreclosures affect the budget - but the 30-40% decrease in property values!
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