Dec 21, 2010 8:32 AM by Bea Karnes

Colorado homeowners face lower property values

DENVER (AP) -Property values are dropping in Colorado and that could mean even more budget woes from the state to the local level.

Colorado will have enough money in its general account to cover current spending levels, but a new revenue forecast warns the state could face a $1 billion shortfall in the 2011-12 budget.

The Legislative Council's economic forecast released Monday includes projections showing overall assessed property values dropping 5.3 percent this year, mostly due to lower oil and gas values.

Assessed values are expected to dip another 6.9 percent next year because of declining residential and commercial property values. Declining property values will mean lower tax revenue, which finances schools.

The forecast says revenue in the 2011-12 budget will be sufficient to maintain current spending levels, but a loss of one-time revenues, inflation and growing demand for services could result in a $1 billion shortfall.


»Topics in this article

More News

Story Photo

9 minutes ago

Falcon school fights to save student's life

FALCON- Aden Knar, a third grade student at Falcon Virtual Academy, is in need of a life-saving bone marrow transplant. His school, Falcon Virtual Academy, will host a bone marrow donor drive tomorrow to help find a match Aden. Knar, 10, was diagnosed at age 4 with acute lymphoblastic leukemia and entered remission in 2008. In November 2013, the Knar family learned that the leukemia had returned, and is now isolated in his bone marrow. In an outreach of support, Falcon Virtual Academy hosted a bone marrow donor drive in January, and will be hosting another tomorrow from 10 a.m. - 2 p.m. at 6113 Constitution Ave., directly west of Care and Share Food Bank for Southern Colorado. "We wanted to reach out to the family again," said Jodi Fletcher, assistant principal. Fletcher explained that more than 250 people participated in the January drive, and she hopes to have similar numbers April 19. The money from a bake sale at the drive, and a portion of the proceeds raised from a spring formal...

Most Popular

Top Videos

1 2 3 4