Property taxes have consistently increased over the

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Unformatted text preview: sidered. Property taxes have consistently increased over the last six years. A review of assessed and estimated actual property values reveals that both values have been increasing despite the housing market failure during 2007 and 2008. Property tax collections have been consistently high every period. All of these are strong 9-4 Chapter 09 - Financial Reporting of State and Local Governments Ch. 9, Solutions, 9-2 (Cont’d) indicators of stable property tax revenue. Weaker indicators relate to the property tax limit imposed on Denver and the increase in vacant properties. A TABOR amendment in Colorado limits the property tax assessment, meaning that property taxes cannot be increased as needed by Denver. Additionally, the increase in vacant properties may be an indicator that the impact of the weak housing market is going to reach Denver a bit later than the rest of the country. The increased vacancy rate also relates to the reduction in recorder fee revenue due, in part, to increased foreclosures i...
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This note was uploaded on 05/20/2010 for the course ACCOUNTING 580 taught by Professor Waymire during the Spring '10 term at Northern Virginia.

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