Study looks at effect of high foreclosure rates on local tax bases
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replica designer bags AUBURN Foreclosed homes and unsustainable growth can wreck the tax base of local governments. Census Bureau data on housing unit growth. replica designer bags
best replica designer Auburn researchers compared housing data from the states of Alabama and high quality replica handbags Georgia to gauge the effects of the recession and its real estate bubble on property taxes that fund local governments and their services. best replica designer
7a replica bags wholesale “We found a version of the old tortoise and hare tale, ” KnockOff Handbags said Don Terry Veal, director of the Center Fake Designer Bags for Replica Handbags Governmental Services. “Georgia, the hare, added new housing units at a much faster rate than did Alabama from 2000 to 2008. But when the real estate bubble burst, Alabama, cheap replica handbags the tortoise, was in a much better position to weather the storm. Alabama counties won’t experience the property tax problems that some parts of Georgia are going to be facing as tax replica handbags online payments are missed on foreclosed homes.” 7a replica bags wholesale
buy replica bags From 2000 to 2008, Georgia added 744,000 Wholesale Replica Bags housing units, a 22.4 percent Designer Fake Bags growth rate, making Georgia replica bags the fourth fastest growing state. By comparison, the state of Alabama added 195,000 housing units, reflecting a 9.9 percent growth aaa replica designer handbags rate, ranking it 24th among the states. buy replica bags
best replica bags online Foreclosures have hit Georgia much harder, though. Data from RealtyTrac indicates that Georgia has had 92,611 foreclosures in 2009 so far, compared with wholesale replica designer handbags just 14,963 in Alabama. That makes Georgia’s foreclose rate on existing housing units 2.3 percent, almost four times Alabama’s rate of 0.6 percent. Assuming the typical Georgia household pays $2,684 in property taxes annually, as estimated by The Tax Foundation, Georgia’s purse replica handbags foreclosures represent a potential revenue loss or delay to state and local governments of almost $249 million. best replica bags online
replica bags online By comparison, Alabama’s lower property tax burden of $1,080 per household and its lower foreclosure rate portend a much smaller potential financial loss or delay of revenue of just $16 million. According to the census data, the Alabama counties with the highest growth rates in housing units from 2000 to 2008 were Baldwin, Lee, Madison, Russell, Shelby, St. Clair and Handbags Replica Tuscaloosa. All showed gains in housing of 14 percent or more. replica bags online
high replica bags “We replica handbags china are not saying that growth in housing development should be avoided,” said David Hill, associate director of the Center for Governmental Services, “but we are pointing out that counties and cities should be watchful whenever there is a huge growth in housing. The financial bubble can burst, https://www.handbagsmerchant.com leaving local governments without revenues needed to pay back bonds that financed the infrastructure required for growth, or to Replica Designer Handbags pay for expanded Replica Bags services needed to serve newly developed areas.” high replica bags
aaa replica bags By comparison, only one (or 1.5 percent) of Alabama’s 67 counties (Baldwin) was among the 100 Designer Replica Bags fastest growing housing markets in America Replica Bags Wholesale from 2000 to 2008. Baldwin County had just 227 foreclosures last month, 11.4 percent of the state’s total. aaa replica bags
replica bags buy online “All things considered,” said Veal, “it appears that Alabama’s more measured growth will be a benefit to our local governments.” replica bags buy online.