This article is taken from REALTOR® Magazine Online Edition Daily News dated 6-11-08:
Even with declining home sales and rising foreclosures shrinking local tax bases, a number of state governments are either capping or cutting property-tax rates.
Since the first of the year, Indiana and Florida have passed new property-tax curbs, while New York looks to be the next state to roll back property taxes.
However, officials warn that many of these property-tax initiatives are likely to lead to increases in other kinds of taxes--such as "swaps," under which property taxes are slashed and made up for by levies elsewhere.
In Florida, for example, the state may soon tap "snowbirds"--retirees who live in the state only part of the year -- to make up for lost revenues.
Source: The Wall Street Journal, Martin A. Vaughan (06/11/08)
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