Business & Tech
Baltimore County Home Values Take 19 Percent Hit
Home values in Baltimore County have fallen 19 percent since 2008, part of a statewide decrease of 17 percent.
Baltimore County homes reassesed by the state this year saw their value fall 19 percent since 2008, The Baltimore Sun reported.
Overall, Maryland home values dropped 17 percent in three years.
The state Department of Assessments and Taxation found that 90 percent of residential properties that were reassessed lost value, according to The Sun.
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While home owners may be concerned about the lower value of their property, local governments may become strapped as tax revenue decreases along with the assessed value of resident's homes, according to The Washington Post.
And the worst may be yet to come.
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Less tax revenue means potential budget tightening, and 2011 is only the start of a loss in revenue that may continue for years, the Post reported.
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