Washoe County property values falling

RENO (AP) - Property values in Washoe County are continuing to fall.

Assessor Josh Wilson says the county's property values for the next fiscal year have fallen an average of 8.2 percent.

Wilson said he's appraised about 144,000 of the 174,000 parcels in the county, and still needs to asses properties in central Reno.

In the first half of 2010, Wilson said first-time homebuyer tax credits stabilized the median selling price. But since then, he said housing prices have declined.

Reduced values also mean property taxes collected by state and local governments will decline again for the 2011-12 fiscal year that begins July 1.