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Not much of a city crisis, the council will simply raise taxes, maybe override the cap a couple times to catch up. That average person paying $3500 a year in property tax will be paying $4500 in ten years, with a 3% annual increase (which compounds). 4% is the max levy but the tax base expands by around 1% a year so the individual tax hike is closer to 3%.

Here's what it looks like for a home that is taxed at $3500 this year, over 15 years: (the net increase by year 15 is $150 per month, plus sewer/water hikes). Many of us will move before that happens, but others will come and absorb the increased costs. Paying $440 every month for a modest home on top of the mortgage, will be too much for many. But there will be a lot of individual and family budget crises, not a city one because they can just increase taxes each year.

Year/ Tax Bill

1 3500

2 3605

3 3713

4 3825

5 3939

6 4057

7 4179

8 4305

9 4434

10 4567

11 4704

12 4845

13 4990

14 5140

15 5294