- Property taxes and sales taxes are correlated in the U.S.
- Property tax burdens are highest in Northeastern states, with New Jersey residents paying the most.
- Some states are considering reducing property tax rates or providing relief to taxpayers.
- Indirect tax leaders should monitor potential implications for indirect tax, such as an increase in sales tax rates.
- Local jurisdictions may need to increase sales tax rates, implement new fees, or extend sales taxes to new areas to make up for revenue loss from property tax rollbacks.
- Cities are addressing revenue loss by either raising sales tax rates or converting commercial properties into personal residences.
Source: vertexinc.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
