"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