Taxpayers in high property-tax states all over the country are fighting back, including packing up and moving to states where the property tax burdens are lower.

They find it particularly galling that tax bills continue to rise as home values decline, a common phenomenon. A recent survey by the National League of Cities reported that 25 percent of municipalities raised property taxes in 2009 to replace declining revenues.

In New Jersey and New York, voters threw incumbents they viewed as tax-and-spend officials out of office. In Michigan, there have been so many tax appeals that the tax court has 24,000 pending cases.

Some observers like Ted Lanzaro, a certified public accountant who handles taxes for clients in Connecticut, predict that people are running out of savings and some are simply going to stop paying taxes.

Source: The Wall Street Journal, M.P. McQueen (03/06/2010)

The Washington Report - A Weekly Report on Legislative and Regulatory Issues

HUD General Counsel Posts Letter on Administrative Fees
NAR Submits Statement on Commercial Real Estate
Flood Insurance Update
IRS to Step Up Audits of Independent Contractor Status

 Read more...
http://www.realtor.org/fedistrk.nsf/pages/wk03012010?OpenDocument&WT.mc_id=LS030310&CAT=Gov

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Links to each ordinance and resolution on Council's Agenda are now included.  To view a specific ordinance or resolution, just click on the link included on the agenda.  Just click HERE 

The Federal Housing Administration (FHA) implemented new appraisal rules yesterday.  Mortgagee Letter 2009-28 focuses on appraiser independence and Mortgagee Letter 2009-51 focuses on the Appraisal Update and/or Completion Report. Read more...
http://appraisalinsight.blogs.realtor.org/2010/02/16/how-lenders-work-within-new-fha-appraisal-rules/?&WT.mc_id=LS022410&CAT=App