Pogotheostrich wrote:If the property taxes aren't paid doesn't the city or county just assume ownership then?
I don't think you can get away that easily.
If you have a house that is worth say $300,000 and you don't pay your property taxes, and owe say $40,000, eventually the city might foreclose, sell your house, and take your back taxes out of the proceeds. But if you have a house that you only sell for $3,000 and owe $40,000 in back taxes, the city will send you a bill for $37,000.
That's why these selling prices aren't completely accurate; many of them you would have to assume the past obligations in addition to whatever the published advertising selling price would be.
It's no different than if you took out a $20,000 loan to buy a car that then depreciates down to $5,000. You can sell it for $5,000 but you're still on the hook for the $20k loan unless you include the assumption of the loan into the sale of the car, which is what these banks are trying to do with these bombed-out houses. They're not looking for the $7k or $5k or $1
; they're looking to get off the hook for the liabilities.
0-3 to 4-3. Worst choke in the history of baseball. Enough said.