The financial out look for Terre Haute doesn’t look to be getting any better.
Back in December it was learned that assessed property values in VigoCounty had dropped by more than $300 million.
Because assessed values in VigoCounty fell, tax rates needed to increase.
Because of the higher rates, more properties in VigoCounty have hit their property tax caps.
That means that rates can’t go up enough to cover the short fall.
Decreasing property values and tax caps now mean that the city budget will be short by about $9 million this year.
That will mean more cuts.