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Welcome back everyone well listen -- this does is makes on student value product goes down but the taxes on the product goes up.
Does not seem to a lot of sense that's while we have this McDonald's here it is happening.
In the real estate market Liz you've been crunching the market the numbers -- -- -- you found it what we found is we think we have no more bubble error property values but we still have bubble -- property taxes so.
Home prices are declining take a look at this number you can't be not not really surprised -- 9% we've been reporting that home prices down 29%.
Since the peak in July 2006.
Well look at this number property taxes -- -- By 37%.
Since that time so at what is going on here points -- six billion dollars of property taxes collected nationwide Connell.
Yeah and that's -- body and so you know used to be like a decade ago that the net amount of property taxes.
We'll elected nationwide equal state sales tax here's what it no longer it might mean lords is what I take away from you telling me that is that we have all this talk about taxes going down this tax compromise Washington.
The state local taxes if anything might go up and -- if that's -- netted out at zero and yet I -- you know I really pay you know it is an important point because taxpayers.
Are feeling the heat on property taxes in places like northern New Jersey Florida and Washington State and why is this happening we reported back in September.
You know state and local unions have been lobbying to raise property taxes.
Because those property taxes -- to cover a lot of there's dollars in compensation.
Notably for teachers he -- on the ballot measures in Arizona.
And New Jersey and California in the -- do you see any sorted geographic spread on this or is this really an issue that -- municipalities are facing it sit there is that geographical differences we thought if for example of Washington State surprisingly so well -- president doesn't have a state income tax.
They they have seen their property taxes rise dramatically also Florida.
New York New Jersey so you know these are the places where we have also powerful public sector unions.
Notably teachers unions have a -- very aggressively to -- get property taxes raised to cover their wages and pensions right -- I'm sure that I.
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