Something remarkable happened to property taxes in the U.S. while housing lost 31% of its value from 2006 to 2009: they went up by $100 billion (27%). Equally remarkably, as we can see from this U.S. Census Bureau data on state and local tax revenues, property taxes went up even when housing slumped in the early 1990s.
So even as the net worth of property has fallen by a third, the property taxes collected from the owners have risen 27%.
The next Tea Party rebellion? Read the whole thing.