What happens to the Government Budget with Falling Prices?

This is an interesting thought....what does happen when values come down across the board? Taxes also go down......oh wait a minute...what about those budgets that were based on the "increased property taxes?" Ouch....see what the following effect has put on 10 state in the US. It's not just the consumer....now how is this amount going to be made up? Interesting thoughts and for more information on subjects like these visit www.InvestSmarter.com to find more information about smart investing whether in your real estate or personal financing!

City Budgets Pinched From Falling Values With home prices falling and foreclosures on the rise, municipal budgets are starting to feel the pinch.At least 29 states and the District of Columbia have reported budget shortfalls totaling $48 billion as they finalize 2009 fiscal budgets, according to the Center on Budget & Policy Priorities.Many states are freezing new hires, borrowing for necessary expenditures, and dipping into "rainy day" funds to fill budget gaps and avoid tax increases. But by 2010, officials are expected to face even tougher dilemmas.States With Biggest Tax Revenue ShortfallsThe following 10 states are feeling the worst affects of the problem, according to data from The Nelson A. Rockefeller Institute of Government. (The states are listed below, along with their annual tax revenue change for the January-March period in 2008 to the same period a year earlier.)
Arizona: -13.6 percent
Florida: -10.3%
Rhode Island: -6.2%
Nevada: -4.9%
Georgia: -3.8%
New Jersey: -0.3%
California: 0.1%
Washington: 0.2%
Delaware: 0.3%
Tennessee: 0.6%Source: Business Week, Prashant Gopal (06/30/08)

So we shall see what happens, and on top of that the property taxes that are behind and not being paid and won't be paid until the house sells! For more information on what is available in the Destin Florida Condominium market search online today at www.Destin-Florida-Condominiums.info for more availalble properties in the Destin Florida area and stay tuned for more wonderful informaiton from InvestSmarter!