Tuesday, March 2, 2010

Tax Bills Proving Difficult to Manage as Owners Look for Cash Now

Although the recession is officially over, the result of it is still at its core. Many homeowners are finding it very difficult to manage because of multiple economic reasons, including increasing property taxes.

Governments struggling over tax revenue declines

Homeowners looking for cash now are having a difficult time due to their tax bills. Across the country, owners are challenging their tax amounts due to the value of their properties declining. The overall result is that local governments are in danger of losing yet another revenue in the already struggling state coffer. It seems that homeowners from New York to Arizona are arguing about their tax bills, and socioeconomics is not a contributor. Homeowners of $10 million-estates to one-bedroom bungalows are taking up arms against the tax bill.

A nationwide crisis

Gus Kramer, assessor in Contra Costa County, California, (see http://www.cnbc.com/id/31747498) said, "It is worthy of a Dickens story. These people are desperate. They know their home's gone down in value. They have watched their neighborhoods being boarded up. They literally stand in there and say: 'When can I have my refund check? I need to feed my family. I need to pay my electric bill.'" ... click here to read the rest of the article titled "Tax Bills Proving Difficult to Manage as Owners Look for Cash Now"



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