Summit County citizens may be wondering about their home values relative to the rest of the country. In the story by Bloomberg.com about May’s home pricing, well, there is another decline, which has occured every month since January 2007.
What is more distressing is the comments made about our local situation. It seems that “Regional patterns stand out,” David Blitzer, chairman of the index committee at S&P, said in a statement. The areas that once boomed, such as Miami and Las Vegas, are now showing the biggest declines, he said. Areas in the Midwest, including Detroit and Cleveland, are showing signs of economic stress.
While local politicians fall all over themselves about their victories in keeping Goodyear and Bridgestone here in Akron/Summit, little mention is made of the tax abatements awarded, which I estimate to be around $100 million over the life of the agreements. Now, believe me, I am happy these companies are staying. But I plan to research the cost/benefit of these projects and the purported return on the taxpayer investment in another post. Stay tuned.
In parting, ask yourselves how your officials are making your tax life any easier, in light of this situation.
