Without some curbs, property taxes can become unaffordable.
At one time, states relied heavily on property taxes as a source of revenue. Local property taxes are largely used to fund police departments, emergency services, road maintenance, and other services mainly associated with property ownership or residency. While states’
Recent changes in federal tax law will impact cities. Housing experts predicts the tax overhaul will spur home values and property tax revenues to drop. Cities may be forced to find new ways to raise money or cut spending.