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8-29-10 Housing Values Down & Foreclosures Up in NEGA Taxes not down in Oconee

I have reviewed the figures for Value and Taxes on a 38 year old residence for the even years over the last 10 years. The taxes for 2010 are 43 % more than ten years ago. We got used to heavy revenues and spending in the boom years. The boom years may not return for another decade or more yet we are maintaining and operating a fast-growth based county government and school system.

AVOC

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August 28, 2010

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Housing Values Down & Foreclosures Up in NEGA – Taxes not down in Oconee

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By Wendell Dawson, Editor, AVOC, Inc

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Oconee County Tax Bills for 2010 were mailed this week.   Not many of us saw any significant decreases though our property values have declined.Area headlines and newspaper articles have dealt with stories about foreclosures and decreased digests.

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Oconee County Foreclosures at record level - Oconee Enterprise - 8-26-10

http://www.oconeeenterprise.com/articles/2010/08/28/news/doc4c753bba9f3b6509466133.txt

…..Oconee had 48 foreclosures this month. Coincidentally, in August 2009, foreclosures hit a high of 45 builders and others losing their land and houses……..

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Madison County – 48 foreclosures advertised for September 2010

http://www.madisonjournaltoday.com/archives/3179-48-foreclosures-advertised-for-September.html

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Oconee officials still contend its digest is holding its own and keep levying the same millage on an overvalued tax digest resulting in most of us paying more in taxes than our real property values warrant.  8-29-10 Housing Values Down & Foreclosures Up in NEGA.pdf x

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Boarded up house in Oconee County on June 2, 2009

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Have you tried to sell or lease any property in Oconee County in the last year?   Many office spaces are empty and rent rates are significantly less.   I have direct knowledge of a rental income being reduced to one-half of the rental just five years ago.   However, the county taxes have not dropped by one-half!  

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I have reviewed the figures for Value and Taxes on a 38 year old residence for the even years over the last 10 years.  The taxes for 2010 are 43 % more than ten years ago.   We got used to heavy revenues and spending in the boom years.   The boom years may not return for another decade or more yet we are maintaining and operating a fast-growth based county government and school system.  

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Ten Year Tax History on a 38 year old Oconee Residence (2000-2010) Base Year is 2000

YEAR

2000

2002

2004

2006

2008

2010

APP VALUE

163,121

173,169

185,045

208,479

238,722

226,370          

INCREASE

-------------

10,048

21,924

45,358

   75,611

63,249

%Since 2000

0

   + 6 %

+ 13 %

+ 28 %

+ 46 %

     + 39 %

TAX BILL

1,501.79

1,501.98

1,669.58

1,933.41

2,077.64

2,143.62

INCREASE

0

      0.

   167.79

   431.62

   575.85

   641.83

%Since 2000

0

    0 %

+ 11 %

+ 29 %

+ 38 %

   + 43 %

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Oconee County must review and reduce its spending and expansion plans.   It has to be more than cutting benefits of employees or retirees.   Oconee did not need a over-inflated $ 350 Million water project in Walton County at Hard Labor Creek.   We did not need a supersized jail all at one time with debt that has to be serviced by ‘renting it out’’.    We certainly don’t need a new, mega Courthouse complex although it is still in the background.  

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See 8-31-10 BOC Agenda Item 11- Report from the Land Use and Transportation Planning Committee regarding a public meeting to review potential plans for Judicial/Administrative facilities – Abe Abouhamdan and Wayne Provost.   http://www.oconeecounty.com/OCWeb2009/Minutes/2010/8-31-10A.pdf

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FOR MORE INFORMATION ON COUNTY & REGIONAL ECONOMY AND HOUSING NEWS, SEE: 8-29-10 Housing Values Down & Foreclosures Up in NEGA.pdf x


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