News From Terre Haute, Indiana

News

January 11, 2013

Bennett disputes drop in property values

TERRE HAUTE — Facing a potential multi-million dollar drop in property tax revenue, Terre Haute Mayor Duke Bennett told local business leaders Thursday he does not believe Vigo County property values have dropped as much as preliminary estimates have shown.

Vigo County officials have reported that the county’s overall assessed value dropped 7.4 percent, much of that in taxing districts of the city of Terre Haute. If true, that could cost the city up to $3 million in revenue in 2013, Bennett told members of the Terre Haute Chamber of Commerce.

A loss of that much money would force the city to lay off between 150 and 200 employees, he said.

“I don’t believe the numbers,” Bennett told more than 200 Chamber members at The Meadows banquet center. “There’s no way it could possibly be true.”

The city currently employs about 500 people.

Bennett said he has spoken with bankers, Realtors and appraisers and all indicate property values in the county have been holding steady, leading him to doubt the reassessment results.

It’s not clear what recourse the city has to dispute property valuations, Bennett said. But his administration and the Tax Payers Association of Vigo County have assembled a list of properties they believe have seen their assessed values plunge too much or are inconsistent with similar properties.

One example is Honey Creek Mall, Bennett said. According to the Tax Payers Association, the mall property saw its assessed valuation drop by $3.4 million to a total of $17.2 million.

The city has already faced significant budget cuts over the past several years due to state property tax caps, Bennett said. “I can’t make up another $3 million. It’s totally impossible,” he said.

The City of Terre Haute, which has already been struggling with a negative balance in its critical general fund, is not the only taxing entity in the county that will see a big drop in revenue due to the reassessment, Bennett said. There are many other entities, such as schools, the library and the county government, that receive property tax dollars.

“These assessed values are going to create a real ripple effect,” Bennett said.

n In his annual address to the Chamber membership, Bennett also said plans remain in place to build a new police station at 12th Street and Wabash Avenue, however, that project may have to be modified or delayed if the reassessment numbers are correct. Largely, however, the police station will be funded by the downtown’s special “tax increment finance” (TIF) district, he noted.

n Bennett also used his address to pitch for a new “trash fee” to help the city pay for its contract with Republic Services for trash removal. A monthly fee of $9.25 per household would cover the city’s approximately $2 million deficit in its general fund, he said. The contract has an annual cost of about $2.3 million, city officials have said.

Reporter Arthur Foulkes can be reached at (812) 231-4232 or arthur.foulkes@tribstar.com.

1
Text Only | Photo Reprints
News
Latest News
TribStar.com Poll
AP Video
Raw: Big Rig Stuck in Illinois Swamp Dempsey: Putin May Light Fire and Lose Control Raw: Iowa Police Dash Cam Shows Wild Chase Crashed Air Algerie Plane Found in Mali Power to Be Restored After Wash. Wildfire Israel Mulls Ceasefire Amid Gaza Offensive Raw: Air Algerie Crash Site in Mali In Case of Fire, Oxygen Masks for Pets Anti-violence Advocate Killed, but Not Silenced. Mobile App Gives Tour of Battle of Atlanta Sites Arizona Prison Chief: Execution Wasn't Botched Police: Doctor Who Shot Gunman 'Saved Lives' Raw: Protesters, Soldiers Clash in West Bank Ohio State Marching Band Chief Fired After Probe Israeli American Reservist Torn Over Return Gaza Residents Mourn Dead Amid Airstrikes Raw: Deadly Tornado Hits Virginia Campground 'Modern Family' Star on Gay Athletes Coming Out Kangaroo Goes Missing in Oklahoma Today in History for July 25th
NDN Video
Big Weekend For Atlanta Braves In Cooperstown - @TheBuzzeronFox Chapter Two: Becoming a first-time director What's Got Jack Black Freaking Out at Comic-Con? Doctors Remove 232 Teeth From Teen's Mouth Bradley Cooper Explains His Voice in 'Guardians of the Galaxy' Deja vu: Another NYPD officer choke-holding a suspect 'Fifty Shades of Grey': Watch the Super Sexy First Trailer Now! Reports: Ravens RB Ray Rice Suspended For 1st 2 Games Of The Season Air Algerie plane with 119 on board missing over Mali Diamond Stone, Malik Newman, Josh Jackson and others showcase talent Free Arturo - The World's Saddest Polar Bear A Look Back at Batman On Film Through The Years LeBron James -- Dropped $2k On Cupcake Apology ... Proceeds To Benefit Charity Snoop Dogg Says He Smoked Weed at the White House Raw: Fight Breaks Out in Ukraine Parliament Chris Pratt Interrupts Interview To French Braid Intern's Hair Shirtless Super Mario Balotelli Dances While Ironing - @TheBuzzeronFOX Whoa! Watch "Housewives" Star Do the Unthinkable LeBron apologizes to neighbors with cupcakes Justin Bieber In Calvin Klein Underwear Shoot
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
  • -

     

    March 12, 2010

activity
Real Estate News