Rising property taxes filling US cities' revenues
Collection at fastest pace since housing crash, helps to end era of budget cuts
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[WASHINGTON] Property tax collections are rising at the fastest pace since the US housing market crash sent government revenue plunging, helping end an era of local budget cuts.
In cities including San Jose, California, Nashville, Tennessee, Houston and Washington, revenue from real estate levies has set records, or is poised to.
Local governments are using the money to hire police, increase salaries and pave roads after the decline in property values and 18-month recession that ended in 2009 forced them to eliminate about 600,000 workers and pushed Detroit, Central Falls, Rhode Island, and three California cities into bankruptcy.
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