What will the different states do about losing property tax revenue?

What do you think will happen if property values continue to fall or go off a cliff like some economists are predicting?

Seems to me that 10% less ownership and 10% property value will hurt state governments greatly.

What are your opinions?

2 Answers

  • Anonymous
    1 decade ago
    Favorite Answer

    They would wind up raising taxes - to offset the losses. If Market value of homes decreases, the taxable value of the house usually doesn't. The assessed value they use for the calculation isn't changed every year-and they usually redo a whole county and make sure whatever they change the value formula to and the tax rate, that the tax revenues will NOT decrease

  • Anonymous
    1 decade ago

    A no brainer. If they actually need the money, they will up the millage rate and get it.

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