Property Taxes and Pensions

I came across this post just now:

https://www.dollarcollapse.com/pension-crisis-stealth-mortgage/

and it's concerning.

The argument is basically that state and local governments will turn to property taxes to fund over-promised pension plans in order to cover the massive unfunded liabilities those pensions have created. In short, there is a lot of money promised to retirees and the assets to generate those funds just aren't there.

It's concerning because it makes a lot of sense.

I work with a lot of public employees and they have told me just last week that their pension plans have been adjusted again. So there is some hope that the future pension plans won't be too burdensome on the taxpayers. But that does nothing for the pension promises that have been made for years past.

But then if property taxes (and whatever other taxes) go up, then prices come down because the new buyers have to account for those cash flows. So the owners of the property when the tax changes go into effect are stuck with it either way.

Where I live, property taxes are pretty low. If the kind of numbers the authors are talking about come to pass, my property taxes would go up by a factor of 10 or so.