Toledo losing money after property values drop - 13abc.com Toledo (OH) News, Weather and Sports

Toledo losing money after property values drop

Posted: Updated:
TOLEDO, Ohio -

The 13abc I-team is staying on top of the big property value drop in Lucas County.  We've now learned the impact it's going to have on the City of Toledo as a whole. 

The newest numbers show that properly values overall in the county dropped 13% percent.  This new report given to the Toledo city council Thursday says that residential values in the city went down 18% and with commercial properties factored in the loss for the city is just about 14%.  That means the City will lose money.

Each property value loss in the city of Toledo is adding up to an estimated loss of $1.9 million to the city next year.

"The City of Toledo has the biggest population and has had the highest foreclosure rate compared to other counties and cities in the area so that's going to have an impact,"  said Lucas County Auditor Anita Lopez. 

Council members got the dollar amount Thursday based on homes sales from 2009, 2010, and 2011. 

"We faced a touch economic time and those sales reflect it," said Lopez. 

"We believe we can provide a balanced budget for 2013 and maintain the same level of service," Toledo Deputy Mayor Steve Herwat added.  

Toledo leaders were expecting this bad news, but do have some good to share with people.

New tax figures released Thursday say that overall tax receipts are up 4.3% from this time last year, meaning an increase of almost $3 million.  Businesses saw the biggest jump.  Those tax revenues are up almost 25% percent to the tune of $2.3 million.

"I don't see any major cuts because again we have been aware of the fact that property values have changed dramatically and gone down," said Toledo city councilman George Sarantou.

The other saving grace for the city so far is the casino.  The city is anticipating just over $3.5 million dollars this year from the casino. 

  • LocalMore>>

  • Christian music fest rocks West Toledo

    Christian music fest rocks West Toledo

    Sunday, July 27 2014 11:20 PM EDT2014-07-28 03:20:10 GMT
    Christian music filled the air in West Toledo Sunday at the annual Exclaim music festival at the Monsignor Schmit CYO Athletic Complex.
    Christian music filled the air in West Toledo Sunday at the annual Exclaim music festival at the Monsignor Schmit CYO Athletic Complex.
  • City has new weapons in the war on sinkholes

    City has new weapons in the war on sinkholes

    Sunday, July 27 2014 11:08 PM EDT2014-07-28 03:08:13 GMT
    Toledo has some new weapons in the war against sinkholes and that new technology could save a lot of time and money.
    Toledo has some new weapons in the war against sinkholes and that new technology could save a lot of time and money.
  • Art on the Mall puts spotlight on UT

    Art on the Mall puts spotlight on UT

    Sunday, July 27 2014 6:37 PM EDT2014-07-27 22:37:55 GMT
     The threat of severe weather didn't keep visitors away from Art on the Mall at the University of Toledo on Sunday.
     The threat of severe weather didn't keep visitors away from Art on the Mall at the University of Toledo on Sunday.
  • Top StoriesMore>>

  • City has new weapons in the war on sinkholes

    City has new weapons in the war on sinkholes

    Sunday, July 27 2014 11:08 PM EDT2014-07-28 03:08:13 GMT
    Toledo has some new weapons in the war against sinkholes and that new technology could save a lot of time and money.
    Toledo has some new weapons in the war against sinkholes and that new technology could save a lot of time and money.
  • Neighbors shocked by "preventable" drowning

    Neighbors shocked by "preventable" drowning

    Sunday, July 27 2014 6:19 PM EDT2014-07-27 22:19:43 GMT
     Neighbors in Erie Township were shocked to hear about the drowning death of 34-year-old Jason Mitchell of Perrysburg. He drowned Saturday evening after falling off a jet ski in a private lake on Sterns Road.
     Neighbors in Erie Township were shocked to hear about the drowning death of 34-year-old Jason Mitchell of Perrysburg. He drowned Saturday evening after falling off a jet ski in a private lake on Sterns Road.
  • Small plane crashes in Hancock Co., 2 dead

    Small plane crashes in Hancock Co., 2 dead

    Sunday, July 27 2014 4:48 PM EDT2014-07-27 20:48:48 GMT
     Two people were killed in an early morning small plane crash near Findlay on Sunday.
     Two people were killed in an early morning small plane crash near Findlay on Sunday.

Area Events Calendar

See It, Shoot It, Send It!