National Trend: Property Taxes Going Up

[profette_IHB]

<p>According to the National League of Cities, many cities are having trouble making ends meet due to the housing downturn. The solution for many is to raise property taxes. For example, the mayor of Chicago wants to hike property taxes 15%.</p>

<p><a href="http://www.nytimes.com/2007/10/18/us/18taxes.html?ref=us">Linky</a></p>

 

[IrvineRenter_IHB]

California municipalities will be facing huge problems when property values decline, particularly since they have given so many concessions to the various labor unions.

 

[effenheimer_IHB]

<p>Is the VLF rollback in jeopardy? Will <a target="_blank" href="http://republican.sen.ca.gov/web/mcclintock/iss_trans_car.asp">Tom</a> save us?</p>

 

[Comfort_IHB]

<p>Why would they raise property taxes at a time like this? That would only cripple the market further. And for those of us who do own, and make tax and mello roos payments, how will we be able to afford much more? That is the stupidest proposal Ive heard yet.</p>

 

[fumbling_IHB]

I think in many parts of the country property taxes are sky high compared to California. I think Texas and NY have property taxes around 3%.