City tax revenues are following the lead of state tax revenues, showing record-breaking declines that are not expected to improve this year or next, according to an annual report released Wednesday by the National League of Cities.

Tax revenue from residential and commercial property fell in fiscal 2010 and probably will continue to fall, according to Christopher Hoene, director of the NLC’s Center for Research and Innovation and co-author of the report. That’s because property tax appraisals are just now catching up with the poor housing market.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.