Economy

Property taxes drop around Modesto as assessments plummet

MODESTO — Property taxes will be reduced for nearly 62 percent of Stanislaus County's homeowners this year because house values have plummeted by $3 billion, the county assessor revealed today.

The nearly 8 percent drop in assessed values is the steepest one-year decline on record.

To compensate for the loss, 80,553 homeowners — plus thousands of businesses, farmers and other property owners — will have to pay less property tax this year than last. Many homeowners will save more than $1,000.

For many homeowners, this will be the second year in a row their tax bills have shrunk.

That good news for families is bad news for government budget makers who depend on property tax revenue for all types of public services.

Property taxes are based on a complex assessment formula. This year's assessed value in Stanislaus County fell below $36.9 billion. Compare that with two years ago when the assessment hit a record high of nearly $43 billion.

Read the complete story at www.modbee.com.

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