G.T. County expecting 1 million dollar shortfall
Grand Traverse County is already predicting budget problems for 2011. One big reason is declining property values.
That means a decline in tax revenue for the county. County administrators say they're bracing for a nearly 2% drop in taxable property values this year. Add that to the fact that the county estimated a 1.6 increase in value, and the county could be facing up to a million dollar shortfall.
County Administrator Dennis Aloia says when you also factor in those people contesting their tax bills with the Michigan Tax Tribunal, and the county is preparing for a $1 (M) million dollar shortfall just from property revenues.
While declining property values may be good news for homeowners who pay less in taxes, it's bad news for those trying to sell their home, and bad news for the county budget that will be hit hard. That's why leaders are working on a plan right now.
They hope to present it to the county Ways and Means Committee in in late May. But this time around, they say budget cuts may go deeper than they have in previous years. Aloia says the county "can't just do an across the board cut this time. We're going to have to start looking at cutting programs."
In addition to the declining property values, the county is also seeing revenue shortfalls in filing fees from the Register of Deeds, and revenue declines in the various court budgets.
