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Village expected to lose $222K

December 16, 2009 - Like most communities in Oakland County and around Michigan, the village has experienced some significant revenue losses and is expecting more in the foreseeable future.

In 2009, all the village properties lost more than $12 million in taxable value, which equated to a property tax revenue loss of more than $125,000 for the municipality compared to last year.

Council's decision earlier this year to lower the village tax rate from 11.12 to 10.12 mills resulted in $115,600 loss in tax revenue for the general fund.

Over the next two years, Oakland County has projected decreases in property taxable values of more than 10 percent each year.

According to Young, based on those projections, the village could expect to lose another $117,000 next year and an additional $105,000 in 2011.

"In order to not raise taxes, we're going to have to be really careful with what we do in our upcoming budget sessions," said Councilman Tom Benner.

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