Cities in Tarrant County are being hit hard by the foreclosure crisis which has slowed down property value increases this year. According to an article in the Star-Telegram, because of foreclosures and slow property sales, Tarrant County’s property values rose only 2.4 percent this year, the smallest increase in 15 years.
The article said:
“The overall 2.4 percent increase falls well short of gains in recent years, which have ranged from 6 to 11 percent since 1994.”
This shortfall has put increased pressure on city government budgets, many of which are suffering from deficits. Even in Dallas-Fort Worth, city officials are considering cuts to services to make up the budget difference. Most of the cities in Tarrant County depend heavily on property taxes which have become depressed because of the foreclosure crisis. And many homeowners who are not in foreclosure have taken their depressed home values as an opportunity to file challenges to their property tax amounts. So far, homeowners have filed over 88,000 property tax protests with the Tarrant Appraisal District, 13,000 more than last year. The property tax protests have resulted in appraisals being lowered by a total of $753,076,872.
For those homeowners who are currently facing foreclosure, property taxes can become a real nightmare. Many homeowners are faced with the difficult choice of which to pay–property taxes or the mortgage? But before parting with your hard earned money, please seriously consider your financial ability to save your home in the long-term. If you are unemployed and/or seriously delinquent on your mortgage you may want to consider your bankruptcy options before sinking more money into a property that you may be unable to keep.