Home and property values are declining nationwide.
Slumping home values mean that governments and schools receive less resources to operate.
The taxable value of property will continue to decline in cities throughout the country.
The lower values force reductions in municipal budgets.
Drops in taxable property value reduce the amount of money municipalities have to operate, provide services, and employ people.
Decreased tax values lead to lower tax bills, which lead to fewer public services which lead to higher unemployment and further foreclosures.
Decreased tax values make it difficult to sell houses. Previously publicly financed services may be privatized, which creates further disparities between those who can afford the services, and those who cannot.
Taxable values can continue to increase at the rate of inflation even if assessed values decline.
The needs of people do not decrease when there is no money to pay for them.
A soaring housing market in the 1990s temporarily saved some wealthy municipalities from worries about a financial crunch.

Taxable property value is the value of property as determined by a property assessor that then is taxed according to the appropriate percentage required by a local, regional and state government. Changes in taxable value closely correspond to the pace of residential and/or commercial and industrial development in these communities. Communities that decline in taxable value lose housing, jobs, and businesses.
Market property value is the value of property determined by the amount it would sell for between a willing buyer and seller. Various factors determine market value, including real estate sales, construction costs, rental incomes, operating expenses, interest rates and any other factors available.

The particular race, class, gender, generation and culture that rules society designs and implements laws that protect the interests of its members first and foremost.  
• In practice the value of property is determined by its desirability to live and work on.
• As middle class whites leave cities
• industry and other businesses leave,
• jobs leave,
• the market and taxable value of property declines,
• the amount of taxes that fill government coffers declines,
• the amount of tax-funded services declines,
• the quality of remaining tax-funded services declines,
• jobs are eliminated at the local, regional and state government,
• jobs are eliminated in businesses that provided goods and services to local, regional and state government institutions,

 

• Unemployed people cannot pay taxes.  People who no longer work or must take lower-paying jobs must cut back spending on non-essential goods and services-including entertainment (movies, parties, concerts, cd's, etc.), traveling, tourism, shopping, recreation and other membership fees, etc.-just to make ends meet.

  Furthermore, people who no longer work or must take lower-paying jobs struggle to pay mortgages, rent, credit card bills, student loans, car loans, child care costs; maintain health coverage and meet health care costs; may now must choose whether to pay a utility bill or needed medicine.

• The value of property declines not because homeownership is down; people still own property and homes.  Rather the value decreases because whites are not there, and as a result, businesses, which orient their services toward meeting the interests and demands of white middle and upper class clientele, leave. 

Free Press Article on Oakland county property values