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

Toledo losing money after property values drop

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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. 

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