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Property Values and Revenue Trends
As the Treasurer of Waterford, I have included the charts below to give the citizens an idea of the reductions in our traditionally largest sources of revenue (Property Taxes and State Shared Revenue).
Property Taxes are $5.5 million lower today than in 2008 and State Shared Revenue is $2.4 million less today than in 2001 respectively. Interest Income, fines and fees and other revenue streams have seen reductions as well.
Also, included is a chart that shows that the Waterford Community has lost 49.28% in parcel taxable value since 2008. The declines in Real Estate Values the last few years are unprecedented in modern U.S. History since the end of World War II. These declines lead directly to lower property tax revenues, which directly relate to the ability to provide services.
The last chart shows Waterford’s decline in the average residential taxable value since 2007.
As we all know, even though revenues have taken an extreme downturn, expenses continue their persistent increase. Utilities, Gas, Healthcare and the like continue to rise.
The Pontiac Fire Services Project will bring in an estimated $2 million dollars annually without raising any taxes in an effort to help replace a portion of the revenues lost by the Property Tax, State Shared Revenues and Interest Income Sources.
Your interest and support of Waterford is appreciated now and always.