ITEP: Working From Home Costs Cities Property Tax Revenue
SUMMARY BY TAX ANALYSTS
The Institute on Taxation and Economic Policy released a report studying the effects of employees working from home on property taxation income for eight cities — Atlanta; Austin, Texas; Charlotte, North Carolina; Chicago; Los Angeles; Miami; New York; and San Francisco — and forecasting a decline in the fiscal health of these cities as rising pandemic-related work-from-home rates lower the market value of commercial property tax bases.