May 16, 2005
-- by Dave Johnson
The bubble is having another effect. Many people are finding their property taxes astronically high.
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That's exactly what happens -- people end up taxed out of their homes. It's sell or else. This is what was happening to Michigan farmers 30 years ago. Their property was taxed at the rate they'd be able to sell it for if a development company bought it.
There's an additional factor right now. Local and state governments have to make up for what the feds are pulling out of support for services and are desperate for money.
Posted by: MJ at May 16, 2005 2:39 PM
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