DeKalb’s financial woes just got a little bit worse.
Declining property values in the county are forcing an additional $25 million deficit in the county’s 2011 budget.
“Our values have fallen greater than we anticipated,” said DeKalb County CEO Burrell Ellis during a media briefing on May 2. The county’s tax assessor’s office is seeing a 10 percent drop in assessed property values. In preparing the current budget, county officials factored in a 4 percent decrease in property values.
“DeKalb County has been impacted by the recession,” Ellis said. “The value of real estate is falling and local governments like DeKalb County depend primarily on their revenue source.
Ellis said the shortfall would have to be addressed in June when the county Board of Commissioners officially sets the millage rate for property taxes.
Commissioner Jeff Rader has proposed a 3.3-mill tax increase that would bring an additional $51 million in revenue to address the county’s reserves and general budget.
In February, the Board of Commission rejected Ellis’ proposed $563 million budget containing a property tax increase of 2.32-mill, or 12 percent. Instead, the commissioners passed a zero-tax-increase budget that was $33.64 million less than Ellis’ proposal.
Last month, the board authorized county officials to take out a tax anticipation note of up to $150 million to fix a cash flow problem.
CEO Burrell Ellis = People are dying in the streets of South DeKalb three at a time and you sit on your hind legs and do nothing about it ! The DeKalb Police and Fire Departments could sure use this money !
Who are you protecting CEO Ellis by not bringing in these Recovery Specialist ?
Maybe we should check the Pockets of the DeKalb CEO and Board of Commissioners a little closer !
If I were the DeKalb DA I would have already began an ASSET SEARCH of the USUAL SUSPECTS ? (Elected Officials)
Why, you ask? Because an AJC analysis showed that overall DeKalb property values were assessed by the county at 25 percent more than fair market value last year. Those inflated values were the worst of any county in the metro area. So the budget crunch this year was almost inevitable, because county leaders either don't make proper plans when it comes to the budget and/or they lie to the public as long as they can in order to put off tough decisions and the ultimate day of reckoning.
The budget shortfall this year was going to depend on what the tax assessor's office did. If the tax assessor's office did their job correctly we'd have an even bigger drop in property values. If the tax assesor's covered for the inept BOC, then values would stay the same. However, with the AJC articles and enough homeowners aware of the discrepancy in values, the tax assesor's compromised and gave us a 10 percent drop. I'm sure some areas will drops of 50 percent or more.
So what's probably going to happen is the $30 million or so the BOC cut earlier this year will remain, there will be a millage rate increase, and additional budget cuts. However, the silver lining for most residents (and how the CEO and BOC will probably try to sell their millage rate increase) is that since their homes have lost a good chunck of their value, they will actually pay less in property taxes than they did in previous years, even with a higher millage rate.
Property values in this county are in the crapper and not going to get much better any time soon. I feel sorry for those residents whose homes have retained most of their pre-recession value, because they are going to be asked to pay more in taxes with future millage rate increases. I'm sure this will inspire future annexations by Doraville, Chamblee, Dunwoody and incorporation by Brookhaven and possibly Tucker.
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And yes Burrell Ellis DeKalb County has been impacted by the recession, but you as CEO and The DeKalb Board of Commissioners have been the Greatest Impact to the County ! Kinda like a large rock from outter space !