Property Taxes

Property Taxes

 

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.

 

Despite all of this activity, campaigning to change property tax rates is difficult at best. It's far easier to challenge your own tax bill. If you're enterprising, you can often find ways to get a tax cut without becoming a modern-day Patrick Henry.

 

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