By Ben Harris :: November 18th, 2013
When it comes to property taxes, location matters. In a new TPC report, my colleague Brian David Moore and I look at just how much property taxes vary across states and counties. Using self-reported American Community Survey data, we find that residential property taxes tend to be close to $1,000 per year, with a small […]
By Ben Harris :: April 23rd, 2013
Until the Great Recession, state and local governments played a remarkably constant role through down business cycles. For four decades, when the economy turned sour, state and local governments boosted their spending—mitigating the depths of recessions and adding to growth when the economy revived. (Of course, this growth was partially offset by the negative effect […]
By Elaine Maag :: March 27th, 2012
Oklahoma, Nebraska, and my home state of Kansas are debating proposals to sharply reduce or eliminate their personal income tax. That raises important questions about how they’ll make up the revenue. And it’s bad news for low-income families, who may end up paying higher taxes and losing critical safety net programs. In 2009 (the latest […]
By Len Burman :: May 26th, 2011
New York Gov. Andrew Cuomo and the Democratic leaders in the state assembly have agreed on a proposal to cap local property taxes. They cannot grow by more than 2 percent a year, although there are exceptions for extraordinary costs to cover pensions or legal settlements. I can certainly understand the impetus for property tax limits. […]
By Kim Rueben :: May 26th, 2010
It is not news that state tax revenues have been absolutely hammered in the current economic downturn. But you may be surprised to learn that one local tax has held up relatively well. It is, of all things, the property tax. How can that be, you ask, if so much of the economic mess was caused by a collapse of a housing bubble?
By Howard Gleckman :: March 13th, 2008
think I need a drink.
Yesterday at TPC, a panel of experts looked at what the credit mess means for state and local governments. The answer is: Nothing good. I felt like I was watching the final minutes of the Super Bowl with a room full of New England Patriots fans.