City Of Gainesville Value Decreasing, Property Values Are To Blame
Over five billion dollars, it sounds like a lot, but the city of Gainesville says it's the lowest number they've seen in years.
Dropping property values, means lower property taxes and that translates to less revenue for the city to work with.
Gainesville is already facing cuts to programs and staff and now they'll have 300,000 dollars less in the bank.
Over-development before the housing market crashed drove down the values of single family homes, apartments and condo's.
While this year's numbers have rebounded a bit, city officials aren't sure they've bottomed out just yet.
Even with a dreary outlook, city manager Russ Blackburn says they do not anticipate further cuts because of adequate planning.
The city's worth for the 2010 fiscal year is down from 5.8 billion last year.
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