Nashville Tenn has already decided, California is going to propose a disastrous tax hike on non agricultural commercial properties (that sounds like it will include apartment complexes and commercial real estate like malls and storefronts), Dallas and of course Chicago and New York...Homeowners, beware.
State and local governments scrambling to raise money during the economic crisis caused by the coronavirus pandemic are looking to increased property taxes -- as well as wealth taxes and more -- to fill budget holes.
The proposals come as officials are trying to strike a balance. Historic job losses caused by lockdowns fueled the downturn that's put the squeeze on city and state budgets. Washington sought to offset this with stimulus payments, additional unemployment benefits, business grants and more. Any push to raise taxes too dramatically could hurt the economy even more.
But some officials argue that increases are unavoidable.