Cleveland, Cuyahoga Property Values May Plummet, Fed Says
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Declining property values in Cuyahoga County and Cleveland, its largest city, may force local governments to raise taxes or cut services after parcels are reappraised in 2012, a report by Federal Reserve Bank of Cleveland researchers said.
Falling prices suggest that property values could be as much as 45 percent lower than 2010 county estimates, according to a study issued today by Thomas J. Fitzpatrick IV and Mary Zenker. The impact on tax collections in municipalities already facing tight budgets, especially in Cleveland and its inner-ring suburbs, “could be significant,” the researchers said.