Cities, counties, school districts, etc. are crying the blues

http://articles.moneycentral.msn.com/Banking/HomebuyingGuide/as-home-values-sink-tax-appeals-soar.aspx

For a number of years many have been trying to warn cities, counties, school districts, special taxing districts, etc. (any operation that relied on property taxes for its revenue) that the party would come to an end one day. The party is now over, and these very entities are crying the blues. They feel like they have been mistreated. Now they know how property owners have felt the past five years. Any entity that collected property taxes for operational purposes should have been more conservative with the taxpayers money. However, they chose to build new fancy city halls, sport stadiums and ball fields, large unnecessary school buildings, etc. Now they need more money to operate and property values have fallen (in some cases 40%), and the only way they can make up the lost revenue due to inflated property values is to assess higher tax rate, and increase user fees.

Look out folks your local government is going to try and finish you off. See ya in bankruptcy court.