County's Property Tax Revenue Expected to Decline As Home Prices Sag

Progress - Index, The; Petersburg, Va. › October 14, 2010

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Summary

PRINCE GEORGE - The sluggish real estate market is likely to put a crimp on tax revenue next year as a continued decline in home prices forces cuts in assessed values, according to a report from Prince George County's real estate assessor.

Rod M. Compton told the Board of Supervisors on Tuesday that the current real estate market is "challenging" despite some positives for the county, including the effects of the expansion of Fort Lee and construction of the Rolls-Royce PLC manufacturing campus.

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County's Property Tax Revenue Expected to Decline As Home Prices Sag

While the number of homes sold in the county has climbed this year, prices continue to slide as foreclosures have added houses to the market and buyers remain wary. The ave...

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