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Ridgewood : Declining home vales and tax appeals could stress Village finances

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Ridgewood : Declining home vales and tax appeals could stress Village finances
June 27,2012
the staff of the Ridgewood blog

Ridgewood NJ, Readers suggest Council Women Bernie Walsh may be onto something as previously reported Councilwoman Bernadette a corporate relocation consultant in the real estate industry cited suspicions of projected tax appeal losses and in her mind the potential loss of $1 million in the next year on property tax appeals.

According to S&P : New York, June 26, 2012 – Data through April 2012, released today by S&P Indices for its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, showed that on average home prices increased 1.3% in the month of April for both the 10- and 20-City Composites. This comes after seven consecutive months of falling home prices as measured by both indices….( )

The just released S&P/Case-Shiller1 Home Price Indices show the metropolitan New York showed “Detroit and New York stand out this month as the only two MSAs ( metropolitan statistical area ) that saw their annual rates of return deteriorate compared to March. While Detroit posted a positive annual rate of 1.2%, it was still well below March’s +3.9%; New York was -3.8% in April down from -3.0% in March. Detroit was also the only city to show a monthly decline, down 3.6%. All other MSAs improved versus March. ( )

S&P is suggesting a continued decline home values in our area which in turn could lead to more and more tax appeals.


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