Prince George Tax Base is Threatened With Commercial Foreclosures

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Prince George Tax Base is Threatened With Commercial Foreclosures

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The tax base of Prince George is threatened with foreclosures on commercial properties but five years ago the scenario was full of hope. At that time the University Town Center came up in Hyattsville. It was a sleek development for mixed use and was advertised as a unique pulsating neighbourhood in Prince George County.

But current commercial foreclosures across the county are jeopardizing the endeavours to bring down the dependence of the county on tax revenue from owners of residential units. The county has a record number of homes in foreclosure. 75% of the revenue of the county comes from residential property taxes but if commercial units developed then the ratio would have shifted.

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