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Article: Home slump hits revenues: City, counties expect lower revenues from real estate sales.
- Article from:
- The Baltimore Sun (Baltimore, MD)
- Article date:
- August 27, 2007
CopyrightCOPYRIGHT 2007 The Baltimore Sun. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Larry Carson
Aug. 27--Amid gloomy predictions about a slowdown in the housing market, local governments in the Baltimore area have reduced by millions of dollars the amount they expect to collect in taxes from the sale of real estate.
Although real estate sales taxes are typically dwarfed by what income and property taxes produce for local government, "this is still important," said Keith Dorsey, Baltimore County budget director.
Property transfer taxes are often dedicated to specialized uses, which could be harmed if the money collected continues to decline. Counties use transfer tax money to help pay for things such as school ...