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.
Elsewhere, the debate is raging. Read Fox News article