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?
- Anonymous1 decade agoFavorite 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
- Anonymous1 decade ago
A no brainer. If they actually need the money, they will up the millage rate and get it.