Tuesday, February 02, 2010

Mayor Tom: Frying Pan or Fire?

If Barrett doesn't succeed Doyle, he has trouble.

If he DOES succeed Doyle, he has trouble.

We all know that Jim Doyle put Wisconsin's finances into the Doylet--around $2 or 3 Billion (who cares?) in "overdraft" for the next budget. And it's getting worse, $200 million at a time. That's not to mention the growing and very noticeable sentiment among taxpayers to simply reduce, cut back, and/or eliminate a number of State functions. In brief, the State spends far too much money, just like the Feds.

But the City of Milwaukee has problems, too.

Foreclosed homes in the city that last year were selling for an average of $42,000, or 40% of their assessed value, are now sometimes selling for as low as $10,000 to $15,000, said Maria Prioletta, special projects manager for the Department of City Development.

"A lot of lenders are dumping properties for any price," she said in presenting an update on the foreclosure picture at a meeting of the council's Community and Economic Development Committee.

Assessments must follow prices, ergo tax revenues are heading south in Milwaukee.

How far south? One alderman is looking at 80% value-decreases in some areas of the city.


No comments: