From Broward County, Fla., to Flint, Mich., homeowners might be facing exorbitant hikes in property taxes. In one of the more extreme cases, residents of West New York, N.J., are fighting a planned 27% bump in their property tax rates.
What gives? Squeezed by foreclosures and falling revenues, many local governments are facing unprecedented budget shortfalls. To fill some of the gap, more municipalities will have to raise property taxes, says Sharon McCabe, associate director of the Graaskamp Center for Real Estate at the University of Wisconsin.