Quote Originally Posted by ghettopalmetto View Post
Have you been on a remote Pacific island for the past 15 months? We're knee-deep IN the shitstorm, son!
It's not stopping at knee-deep. Commercial RE values are poised to drop even more as commercial loan foreclosures are just starting to heat up. Assessments for both residential and commercial properties haven't hit bottom yet and won't for a few years.

Add in the fact that many thousands of residential and commercial property owners are in the process of challenging their property tax assessments. The Michigan Tax Tribunal is running about 2.5 years out for hearings now. When the tax payers win, in 2.5 years, they are refunded the overpayment for the last 2.5 years. That's why OC has set up an accounts payable line item to accrue funds for that eventuality.

So, yeah, the shit storm is coming, so far municipalities has just been experiencing a little shit drizzle.