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Oakland County homeowners beset by declining property values should expect things to get worse before they get better. That’s according to Oakland County Executive L. Brooks Patterson, who on Wednesday presented the county’s three-year budget proposal. He said property values will continue eroding for the next three years and could fall 50 percent or more from their peak three years ago.
He also said property tax revenues may not return to 2007 levels for 10-15 years, forcing local governments and schools to make cuts amid strained budgets.
The county’s $382.6 million budget for 2010-11, which begins Oct. 1, is down from $413.9 million last year. The proposed budget is $387.5-million for 2012 and $387.3-million for 2013.
The Board of Commissioners will review the proposal.
(Copyright 2010 by The Associated Press. All Rights Reserved.)