As the New Year gets under way, elected officials are considering curbing or rolling back property taxes in numerous states from coast to coast. That’s good news for landowners, homeowners, and real estate investors whose properties are easy pickings for cash-strapped local governments because property taxes are one of the few revenue sources controlled at local levels.
According to The Wall Street Journal, Indiana instituted a cap on property taxes on Jan. 1. Lawmakers will further strengthen this effort by asking voters to approve a constitutional amendment that would permanently cap tax increases at 1% of a property’s value.
Although Indiana is tackling this issue most aggressively, legislatures in New York, Georgia, Oklahoma, and Wyoming are also looking at the propositions that would curb property taxes in the 2009 sessions.