The city of Neosho Missouri declined a $1 p/$100 property tax to stave off insolvency for the struggling small city.. Neosho pilfered funds from other city revenue sources just to make payroll.. Afterwords they BORROWED 1.3 millions dollars (because they are bankrupt!) and expected their citizens to come up with another 1.5 million for them in additional city revenue! Voters clearly refused the proposed new tax with fewer than 40% supporting..
Too much debt has the same effect on everyone and everything.. beware..
Read the whole story here Neosho voters say [HELL] 'no' to property tax.. Your town, city, state may be the next to fall..