Fitch Ratings said Friday that the outlook for state and local governments was “deteriorating” and an expected recession could put pressure on state and local governments to raise property taxes.
“Local governments may face slowed growth or possibly contraction in tax revenues associated with real property valuations, which may trigger expenditure controls or revenue-raising measures to preserve budgetary stability,” Fitch Ratings Senior Director Michael Rinaldi said.
Several factors “could pressure property taxes more quickly than in the past,” according to a U.S. States and Local Governments Outlook 2023 report from the credit rating agency.
Many U.S. states and local governments have been able to build up a financial cushion that could help them withstand an expected mild recession by the second quarter of 2023, according to the report.
“Robust reserves, in many cases exceeding pre-pandemic levels … leave states and local governments well-positioned to face this economic weakness,” Fitch Senior Director Eric Kim said in a statement.
But if the recession hits harder than expected, state and local governments could face difficult decisions.
Vote out the local politicians if they put taxes over citizens
Of course it would, how else would the elite bankers be able to get their property back?
Make a recession, raise property taxes – take all possessions from you – its communism created by traitors of our country.
Thanks again, senile Biden! You big stupid POS!