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Property Taxes Rise Despite Huge Residential Lis Pendens Listings

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By : John Cutts    99 or more times read
Residents of St. Louis County, Missouri are scheduled to pay their property taxes before the current year ends. According to local reports, all residents in the area will pay higher taxes this year than before despite dropping property values caused by foreclosures and expanding lis pendens listings.

According to local reports, the value of properties in the county has dropped since 2007 by around $1 billion. The decline in the values of real properties has been attributed to the huge number of homes under Saint Louis foreclosure listings. However, the local government still found a way to increase taxes without hitting tax ceilings to bring revenue to local entities.

So, despite the presence of thousands of Missouri foreclosed homes in the county, the local government will be able to collect real estate taxes worth $67 million. This amount is 4.6% higher than the taxes collected during 2007, one year before the economic recession started. Among all the county taxing entities, fire districts recorded the highest percentage increase for the current tax year.

Although lis pendens listings and foreclosure numbers continue to be a problem in the county, the local government was able to grow, thanks mainly to property taxes. The biggest beneficiary for the current year's taxes would be the fire districts which are about to take in an additional revenue worth $12.5 million. The amount represents an increase of 10% compared with previous tax periods.

Amid home foreclosures problems, residents can at least be thankful that school districts are set to gain from the taxation increase. School districts in the county are set to gain revenue of around $60 million or a 6.2% increase. Municipal revenues have risen by around 8.8% in the county within a period of four years, local reports reveal.

Local economists have stated that property taxes have become the most dependable method that local governments use to fund growth even during recessions. Income taxes are said to be volatile, and so is sales tax. Property taxes, however, have been found to be somewhat immune to recession. That is why, despite the rise in lis pendens listings and foreclosed properties, governments are able to secure revenues even while property values are declining.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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