Pappas Realty Co... "Commercial Real Estate...Exclusively" in Northeast Ohio since 1957

Sunday, October 08, 2006

Real Estate Taxes - Steps to Reduce - Click here for full story

Money on By Gerri Willis

Home prices may be slowing, but property taxes are heading nowhere but up. Don't get mad - get relief. Homeowners across the country are angry about their property taxes, and it's no wonder. Skyrocketing home values and sticky-fingered politicians combined to push property tax collections up 35% from 2002 to 2006, according to the U.S. Census Bureau.

That's double the rate of personal income growth, and the consumer backlash has intensified. Tax-cut proposals are being considered in at least 15 states, the National Taxpayers Union reports. In Arizona an effort to roll back property assessments to 2003 levels recently failed. But in May the governor of Texas signed legislation that replaces property taxes earmarked for schools with a 1% tax on businesses.


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