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December 4, 2004 08:42 AM

Property Taxes Rising Nationwide


Excerpt: While fuel prices may be starting to skid, there's another expense closer to home that is upsetting many Americans: rising property taxes.

   

While fuel prices may be starting to skid, there's another expense closer to home that is upsetting many Americans: rising property taxes.

From Madison, Wis., to Bucks County, Pa., the local tax assessor is dipping deeper into homeowners' pockets as real estate prices rise and states share less of their tax revenue with local governments.

With people starting to receive their 2005 tax bills, the levies are squeezing the middle class and senior citizens - leaving them less to spend on everything from restaurants to roof repair. There is also concern the taxes could particularly hurt the home-buying chances of the young or civil servants such as firefighters. States such as New Jersey now have grass-roots efforts - verging on revolts - for reform.

"There is a property tax crisis," says Myron Orfield, a property tax expert at the University of Minnesota in Minneapolis. "It's especially bad in states like New Jersey, Ohio, Connecticut, and Illinois, which are property-tax dependent."

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