,Property Tax Limitation in the Senate Housing Bill's is Unnecessary, Impractical, and Likely to Cause Harm

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Property Tax Limitation in the Senate Housing Bill's is Unnecessary, Impractical, and Likely to Cause Harm

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Publication Date: June 2008

Publisher: Center on Budget and Policy Priorities (Washington, D.C.)

Author(s): Iris J. Lav; Nicholas Johnson

Research Area: Banking and finance

Keywords: Economic projections; Public education; Recession; Public safety

Type: Report

Abstract:

By preventing localities from raising property tax rates to help compensate for shrinking property tax revenues, a little-noticed provision of the Senate foreclosure crisis bill could force many localities to cut police, schools, and other vital public services. The provision also would improperly interfere with local taxing powers and set a precedent of discriminating among localities on the basis of their method of enacting local property tax changes. Finally, it likely would be impossible for IRS to administer.