It may be hard to think about anything but the illness and trauma that COVID-19 is causing here and around the world right now. We have just experienced a “springtime” that was at best lost and at worst only a taste of what may be coming down the pike. Outside my front window the sun is shining, but even though everything may look serene, it’s really not. Intellectually, we all know that eventually this pandemic will end. But way before it does end, we are all going to be facing several issues, and among them is this: How will the pandemic affect our local taxes? Will there be a property tax increase?
Taxing Times Are Ahead of Us
Around the world and here at home, cities, states, and local governments are looking to close the massive budget shortfalls created by the coronavirus pandemic. They all have spent tons of money helping fight this disease and even though there has been money doled out by national and federal government agencies, private companies and public donations, local and state governments are considering raising taxes on homes, cigarettes, alcohol, local businesses, and even global tech giants. Why? Because local economies have seen their budgets decimated because of this virus.
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