tom Andersen

Winners and Losers from the Mortgage Mess

Ah - taxes on real estate are about to sky rocket - along with service cuts, etc. Cities need the same amount of money year to year. So if you get 5% of houses paying no tax, and property values drop 40%, tax rates have to roughly double. In addition, tax shortfalls at other levels of government will continue to passed down to real estate - it can't move out of the way. This will become apparent soon.