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June 3, 2012

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So the real estate slump is taking a toll on revenue and all kinds of proposals are being floated…

By (contact)

Friday, Oct. 19, 2007 | 7:35 a.m.

So the real estate slump is taking a toll on revenue and all kinds of proposals are being floated. A 15 percent increase in the property tax. Boosts in sales, gasoline and parking taxes. It's all happening in Chicago and other cities, The New York Times reported Thursday. You see, it's a double whammy: Property values go down, so property tax collections go down. With the mortgage-lending crisis causing foreclosures, revenue collections are depressed. So leaders are faced with the conundrum of how to continue to provide services so constituents don't suffer from a reduced commitment from government for essentials. Five words none of them seem to be saying: budget cuts - no new taxes. You mean there's another way besides the Nevada way?

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