According to Census Bureau data, property tax revenues have declined for two consecutive quarters this year. This is the first time on record that this has occurred[1]. And as a result, not only are local government infrastructures and school systems suffering, but some local governments are having difficulties selling off their debts. For example, one wealth management adviser is recommending that his clients buy debt from sewer districts and power utilities instead of local government bonds because sewage and power are “essential services” and more likely to maintain value.
Although governments should be able to garner the same amount of tax revenue from property taxes from year to year by adjusting tax rates, many politicians and other government officials are reluctant to take the steps necessary to maintain property tax income in today’s economy. Many local governments are also prevented from raising tax rates by statutory tax caps[2]. Do you think that the answer is just to raise rates? Is there a better solution?
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[1] http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=201107151138dowjonesdjonline000412&title=property-tax-revenue-in-record-declinesqueezing-municipalities
[2] http://realtormag.realtor.org/daily-news/2011/07/22/property-tax-woes-hurting-local-government-budgets
I think each and every County (in the US) should start suing the Big Lenders for all of those Deed transfer fee’s that they (the Lenders) decided not to pay, instead using MERS. Plenty of Courts all over the US has said MERS has no standing in Court to foreclose (hencce they were never the actual “owners”) AND MERS was created solely by the Lenders to bypass PAYING all of those millions upon millions of Deed transfer fees, illegally! They didn’t ask, they didn’t petition, all they did was to do it… and that’s against the law in every County. If the Counties and their respective Governments want/need money, then they should be doing what is prescribed in the Law (which happens to coincide with doing their job!)… and start suing the Lenders for all of those millions of dollars in back owed fee’s they cheated us all out of.
Property taxes shouldn’t be used for anything but property-related services (such as fire, police). Water and sewer services should be billed on a usage basis and not be paid out of taxes. Schools, welfare, etc., are not property-related services and should not be funded out of property taxes. The counties wouldn’t be in such a mess if they hadn’t come to rely on property taxes for so much.
why do state and county officials ear such great pensions while the private sector goes bankrupt? steven ruza
I have read, somewhere, a private citizen can bring forth a lawsuit, on behalf of the government, state or federal. If you win, say, against the banks for not paying taxes and/or filing fees, you receive a percentage of the total. So, do not wait for the “powers the be” to do their jobs, they have let us down all this time, allowing the banks to steal our homes, deceiptively ruining our lives by using another worthless, selfserving entity, the Credit Bureau (when you file a dispute, the credit bureau sends your to dispute to the company you are disputing, to answer your claim against them. The company gets paid $0.87, yes, 87 cents, may be more now, for each claim they answer. Your complaint is not put on your report, under said company. They do not address your complaint, personally, with a “real” investigation, they only use 1 of 5 numbered reasons, having approx. 200 different numbered answers to use in answering complaints, with approx. 87% of all disputes being answered with only 5 of these b.s. answers!) Anyway, make yourself some money at the banks’ expense.