Articles

Homeowners Hold Ground Against Rising Property Taxes, WSJ

"A lot of people's savings and credit are starting to dry up. If things don't improve soon, you are going to see more people who can't pay their real-estate taxes."

Property owners are taking action across the country as tax bills continue rising, even as home values have tumbled. Nationally, median prices of existing homes fell 22.3% from 2006 to 2009, according to the National Association of Realtors. But local tax formulas and assessment cycles usually don't reflect rapid price declines. Indeed, a recent survey by the National League of Cities found 25% of cities raised property tax rates in fiscal year 2009 to offset falling tax revenues.
By M.P McQueen, March 6, 2010 WSJ

Link to article

03/06/2010 WSJ