Higher taxes

Among the many aspects of the current financial crisis is the nationwide decline, with exceptions in some areas, in the market value of homes. For decades an investment in a house has been considered prudent for many reasons, including the likelihood that the property would increase in value over time. That has been the case, and Americans have the highest percentage of homeownership in the world. Now that home prices are being affected by the economy, some taxpayers are wondering if they will also enjoy a decrease in property taxes based on assessed valuations. As a recent Southeast Missourian story detailed, of 18 local taxing jurisdictions — school, libraries, fire protection districts, city governments — all but one are raising their levies. In addition to declining property values, assessed values on personal property —... [read full story]