Analyst's note: We can expect this situation to go on and in most cases increase for the foreseeable future across the nation. You can be sure that those with any money left , will be moving to get away from those states with higher property tax, thus making the problem even worse for those states who continue to raise property tax rates. In forcing wages and retirements beyond what the states and cities can reasonably afford, unions have reached well past their usefulness and have now become a detriment. Few will see or admit this.
The unfunded pension liability for U.S. state government employees is forcing many states to increase property taxes to cover added costs, Jerome Corsi's Red Alert reports.
New Jersey has disclosed that the unfunded pension liability for state government employees grew from $45.8 billion to $53.9 billion in 2009, an increase of 18 percent.
[....],The crisis in state pensions is cascading into a property-tax crisis.
[....] State tax revenues were 8.4 percent lower in fiscal year 2009 than in 2008, and an additional 3.1 percent lower in 2010, reflecting the worst recession since the 1930s.