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Reports furnished by Independent Budget Office in its March Analysis of Mayor's Preliminary Budget 2010, states that property tax revenue will escalate by 10%. This is however in sharp contrast to the situation that is prevailing in the real estate market. It is also being anticipated that real estate property tax over the next 3 years will increase by 4.1% during the period 2011 to 2013.
It also includes the hike in tax rate (7%) that came into force January 1st 2009. Experts expect real estate property taxes to be USD$14.4 billion in FY 2009. It is likely that in FY 2010, business income tax will fall by 23% and personal income tax will drop by 22%.
Increase in revenues from property tax especially when the real estate property is in doldrums is quite astonishing and anomalous. Inequalities exist due to unequal tax burden borne by people staying in apartments and houses.
By seeing the trends of the real estate property in United States, experts are of the opinion that during the credit crunch, the best form of real estate investment is in REITs or real estate investment trusts that are publicly held.
If we take commercial real estate property into consideration, it is facing one of the worst times since the "industry depression" that took place during the period 1991 to 1992. Several commercial projects couldn't take off due to liquidity crunch. In fact, this is not the case in the United States alone but it is a global effect that has seeped into all the major economies of the world. It won't be before late 2010 or mid 2011 when the economy will finally start turning around. It won't be before that because the credit crunch has affected all sectors of the economy.
People who have a steady flow of income every month can benefit by taking out mortgage at low rates. With the introduction of Obama's Make Home Affordable Plan, the real estate market has already started showing positive results for the homeowners who qualified for the program.
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