Over the decade 1995 – 2004, the market value of US residential real estate increased, on average, about 10% a year. The imputed value of land as a percentage of total residential property values, rose from 25% to 38%. The older the city, the greater the burden unionized public servants will be on local property values.
State and Local Government liabilities with pension funds (Q3 2005) totaled US$2.7 trillion, and this is probably understated.
Whereas citizens cannot escape federal taxes, they can run from state and local taxes by moving to lower-tax areas — ‘voting with their feet’, as it were.
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