While the housing market tanking drove that recession, it’s still too early to tell if values will become collateral damage in an economic downturn this year, officials have said.
“Property values have an impact (on the budget), but that’s not so much a short-term thing as it is a longer-term impact,” Connell said. “Assessment values have gone out … and won’t change until January (2021).
“It’s a down-the-road kind of thing … but something we’ll have to monitor. Home sales and prices dropping is a factor we have to keep on the horizon.”
Hall County Chief Appraiser Steve Watson has said, “We have not really seen the total impact of this (pandemic) yet. In the third and fourth quarter (of 2020), we’ll start seeing some real impact. What we’re predicting is a slowdown of sales, but values may somewhat maintain their position.”
Unlike the Great Recession, which had “a lot of underlying fundamental problems in the national and world economy, this (latest crisis) wasn’t something that we inflicted upon ourselves,” he said.
“I’m hopeful that the recovery on this will be quicker than the last recovery, and I think it will be.”
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What area government officials say about pandemic's impact on budgets - Gainesville Times
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