Black Hawk County Facing Local Tax Revenue Shortages
WATERLOO, Iowa (AP) Cities and school districts in Black Hawk County may face local tax revenue shortages because so many businesses are winning appeals of their property tax assessments.
The Waterloo-Cedar Falls Courier reports that some government entities may even have to refund portions of some taxes paid before the higher assessments could be successfully appealed.
Appeals have been filed on 380 parcels after a countywide reappraisal boosted many 2011 values.
So far, 119 property owners have won or settled those appeals for a combined $25.7 million reduction in value. The county has won 50 cases to sustain the assessments.
If tax collections don't meet budgeted expectations, the cities, school districts and other tax-supported agencies will have to cut spending or tap their cash reserves.