New York - Rockland Suffers NY's Worst Property Value Plunge
New York - Declines in home values and tax revenues has put more pressure on local governments to raise property taxes to pay for services and programs, a report Tuesday from Comptroller Thomas DiNapoli found.
But the findings, part of DiNapoli’s Annual Report on Local Governments, show that municipalities and schools have lowered spending and limited tax increases in response to the economic downturn.
DiNapoli warned that the strain on local governments is far from over.
The worst hit counties were in the Hudson Valley, and the most impacted was Rockland County, DiNapoli’s statistics show. The total taxable value of properties in Rockland fell 4.9 percent between 2008 and 2009, from $45.5 billion to $43.3 billion.
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