“Since fiscal reporting happens on a yearly basis, there’s often a lag of about 18-24 months for economic changes (particularly property taxes) to show up on city ledgers. That means that the downward trends cities are now seeing likely reflect a broader economic slowdown that’s already started.”
While obviously this is focused on larger cities, it’s still concerning to see all three primary sources of tax revenues slip. This holds especially true in Midwestern cities. I’d suggest reading the article itself, Axios does a good job of being short, sweet, and to the point.