Property Taxes Explode as Home Prices Rise

Property tax collections have exploded over the last four years according to a new report by Gerald Prante, an economist at the Tax Foundation.

Adjusted for inflation, property taxes have increased by 12 percent, Prante said. "It's about 27 percent in nominal terms since 2000." By comparison, property taxes increased by just 2 percent from 1994 to 2000. Soaring property taxes around the country have pushed lawmakers to seek reforms.