We have been dealing with this pandemic for months now, yet it looks like the infection rate is spiking again despite all of the lockdowns and precautions. So due to these lockdowns, our booming economy is now struggling. We have an unemployment rate of over 30 million and cities and towns across the nation are complaining that they don’t have enough money to make their budgets. So they are of course trying to draw blood from a stone as they are eyeing taxpayers and looking to up our property taxes.
“State and local governments scrambling to raise money during the economic crisis caused by the coronavirus pandemic are looking to increased property taxes — as well as wealth taxes and more — to fill budget holes.
The proposals come as officials are trying to strike a balance. Historic job losses caused by lockdowns fueled the downturn that’s put the squeeze on city and state budgets. Washington sought to offset this with stimulus payments, additional unemployment benefits, business grants and more. Any push to raise taxes too dramatically could hurt the economy even more.
But some officials argue that increases are unavoidable.
Property tax rates in Nashville, Tenn., will be increasing by 34 percent in what Mayor John Cooper described as a “painful but necessary” move that will raise money for the city, which has taken a hit during the pandemic.
In Chicago, Mayor Lori Lightfoot said property tax increases are “on the table” to help address budgetary problems that include a projected shortfall of nearly $700 million that she said could become even greater.
In Texas, Dallas lawmakers were considering a massive property tax hike of as much as 8 percent but needed the city council to pass a measure allowing them to increase rates by more than 3.5 percent. In May, the resolution failed after a 12-3 vote.”
So in this rough economy where many are struggling to pay rent and keep food on the table, we are now going to be squeezed by our local governments so they can continue to operate to their full ability.
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