Georgetown citizens are experiencing a sign of the times.  Scott County’s annual official real estate assessment published in July showed a $64 million increase from last year.  That may sound impressive; however, that’s a $200 million net growth reduction in the county’s annual official evaluation of real estate assessments.

Official real estate assessments for the last three years totaled $2.9 billion for 2007, $3.3 billion for 2008 and $3.36 billion for 2009.  For the first time, following suit with other cities across the nation, Georgetown’s home values have also gone down.  Some Georgetown citizens appealed their assessments, which resulted in even lower overall property values.

Lower property values, along with substantially diminished new development and construction, resulted in the significantly lower net annual growth noted for real estate values.  What people don’t often realize is that net growth from real estate tax revenue provides funding for the budgets of local schools, libraries, state and county governments, the agricultural extension and the health department.  In addition, it is important to note that the county’s net growth is not taxed the state’s 4 percent annual revenue limits, so the entire amount is available for use in the county’s budget.  This year, though, the county coffers are less full.

How will the $200 million reduction in net growth impact Georgetown?  It could result in decreased services available through public entities.  Then, again, it may have no impact at all.

With diminished property values in Georgetown, it just might be time for you to shop around for a new home here.  The Georgetown real estate market has a bevy of beauties available from which to choose.

Click Georgetown, KY Homes for Sale to find your piece of paradise.