Homeowners Crying For Property Tax Relief
The amount paid in local and state property taxes in the country increased 50 percent from 2000 to 2006, according to Census data cited by some U.S. Congress members when discussing the topic. During that time, inflation rose 17 percent and median household income dropped 2 percent. Local governments and states leaning more heavily on property taxes to meet revenue shortfalls and rising home values pushing up assessments.
Homeowners only know they have to find a way to pay the bills and are pressuring their legislative leaders to do something. At least five states this year cut property taxes and 21 tried to provide homeowners relief from higher bills, according to the National Conference of State Legislatures. In 2008, more legislatures are expected to try to find solutions to rising taxes. Congress has gotten involved through proposals that would allow people who don’t itemize to deduct all or portions of their local or state property tax bills from their federal income tax.
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