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The Next Victim of the Real Estate Crisis
State and local governments were flush with tax revenue during the five-year housing boom. They pulled from bulging pools of property, income, and sales tax to expand education, law enforcement, health care, and infrastructure programs without needing to burden residents and corporations with tax hikes.
Nations:U.S. People:Arnold Schwarzenegger Activities:2007 Global Credit Crunch
2008-06-30
When Builders Go Broke
When Patrick and Betty Ann Wagner moved 50 miles from Chicago's Northwest Side to suburban Antioch, Ill., a year ago, they figured their five kids would delight in the three swimming pools and sand volleyball court of their new subdivision's community center. Sitting at a large pine table in the kitchen of their four-bedroom home, Patrick opens a glossy map. "This is where they said the clubhouse would be," he jabs at the paper. But the rec center is just an open pit, and their neighborhood is eerily quiet. Across the street, two homes are still swathed in housewrap behind mounds of dirt; two others are finished but empty, with "For Sale" signs in front.
Nations:U.S. Activities:2007 Global Credit Crunch Source:(BusinessWeek)
2008-06-18
New York property tax cut may be history: Bloomberg
NEW YORK (Reuters) - New York City property owners might see their property taxes rise before 2010 as city revenues will keep falling because Wall Street investment bank earnings are way down this year, Mayor Michael Bloomberg said on Friday.
Nations:U.S. People:Rudolph Giuliani Michael Bloomberg Source:(Reuters)
2008-06-14
Landmark California tax measure popular 30 years on
Thirty years after it sparked a popular tax revolt that helped sweep former governor Ronald Reagan into the White House, Californians still support the landmark Proposition 13, but critics say it has roiled the state's budgets ever since, a report released on Friday said.
Nations:U.S. People:John McCain Ronald Reagan George W. Bush Arnold Schwarzenegger Source:(Reuters)
2008-06-06
High property taxes driving a new revolt in U.S.
In Orford, N.H., a tin-roofed hunting cabin worth $10,000 was recently assessed at $200,000, just for its mountain view. Taxes on the cabin and its outhouse skyrocketed.
Nations:U.S.
2006-03-08
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Real Estate Tax
