Source: Jennifer Burnett, State News, Vol. 50 no. 4, April 2007
In 1927, Oliver Wendell Holmes said “taxes are what we pay for a civilized society.” Eighty years later, one form of tax—the property tax—is being scrutinized by state and local governments, due in part to the meteoric rise of property values in recent years. A flood of legislation is being considered across the country to address concerns about property tax increases, how tax revenues are calculated and distributed, and local governments’ reliance on those revenues.