About 20% of property owners in Deschutes County will pay less property tax in 2010-11.
Thanks to the drop in real estate values last year, about 20% of property owners in Deschutes County will pay less property tax in the 2010-11 tax year.
The figure is a big increase from the 2009-10 tax year, when only 1% of property owners were paying less tax than the year before.
In the years since the debut of Measure 50 in 1997, real market values tracked significantly higher than the maximum assessed value, which crept along at 3 percent a year.
Now, however, due to the decline in real estate, Langton estimates that as many as 20,000 properties in Deschutes County will have real market values in the 2010-11 tax year that are less than the maximum assessed value. That means county government and the county’s taxing districts for things such as schools, jails and roads will receive less revenue.
Read the full story at The Bulletin.
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