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As the value of their homes decrease, homeowners across the United States are demanding that property tax assessments be lowered along with the drop in real estate properties.
No matter whether they own $10 million estates or one-bedroom homes, or lives in areas around New York City, the Rust Belt, or what were once go-go states like Arizona, Florida or California, the home taxes are being challenged.
The timing for governments could not be worse. Already reeling from the lack of income because so many houses are in foreclosure and seeing tax revenue falling for the first time since World War II, they are caught in a bind. Combined with rising joblessness, a poor business climate and a dropping consumer demand, taxes on sales, personal income and business earnings, the only thing that can be done is to lay off workers, renegotiate labor contracts, freeze salaries and cut expenses.
The demand for lower property taxes from home owners, condominium associations and entire subdivisions with property values that in some cases have lost 25% to 50% of their value, is growing louder. From the state, to county and local governments, the tax protestors will have to be dealt with as revenues continue to sink.
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To read the entire article, go to: To read more articles about Americans and taxation, go to:
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