Property taxes aren't as large a share of tax revenue everywhere as they are in the US. Yes, local governments can't print money but in a lot of countries the national governments do it for them through subsidies.

I agree that we are likely to see many national governments either default on their loans or try and print their way out of debt leading to currency debasement. There will be a flight to the dollar as it is the global reserve currency at present. The US federal government will be the last of the dominoes to fall. Bitcoin and gold will appreciate tremendously relative to the failing fiats.