State budget conditions continue to slip.(IN SESSION)(Brief article)

In many states across the country, the finances of state governments are worsening. State revenues have been much lower than many states expected. While state officials expected revenue growth to slow in Fiscal year (FY) 2008, they did not anticipate it to increase at such a gradual pace or decline. Budget gaps are growing because many FY 2008 budgets were based on revenue forecasts that are not materializing as expected.

Commercial real estate professionals need to be aware of state financial situations because when state revenues decrease, state legislators and governors propose new taxes and fees.

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