Property Tax Hikes Not an Option for Strapped Governments.

• Position: New Briefs - Brief Article

* Property taxes are no more popular now than they were in 1978 when Proposition 13 was passed in California. Despite shrinking state and local government revenues, few politicians have been willing to tap into rising property values to compensate for the shortfalls. In fact, many are doing just the opposite. Cook County, Illinois, for example, decided that a property tax rate limit linked to the national rate of inflation was not enough and provided an additional break to those who have owned their homes for more than 10 years. Other localities have artificially...