City coffers have dwindled since the pandemic, with tax revenue of all kinds taking a hit in the new world the coronavirus created. But as new property valuations roll in, cities are confronting deep dents in their budgets and have limited options for fixing them. Across the country, falling asset values are only now beginning to weigh on the local governments that rely on property taxes to fund day-to-day operations. Cities managed to stave off an immediate collapse of revenue, instead creating a slow-moving crisis that some localities are preparing for while others deny it exists, setting up conflict with property owners now asked to shoulder more of the burden. “We're just in this post-Covid world where people work remotely, interest rates are higher, and therefore these properties are worth less and will continue to be worth less,” said Evan Horowitz, who heads the Center for State Policy Analysis at Tufts University. 
Cities’ reliance on commercial property tax varies widely across the country, according to a report from the Tax Policy Center, a lobbying group backed by the Urban Institute and Brookings Institution. Boston leads the nation by a wide margin at 33% of city revenue… Read the full story here. | 
