End the property tax nightmare!

August 23, 2009

Filed under: Updates — gioia @ 1:58 pm

Some more horrendous taxnightmare possibilities to think about……

In case you aren’t already alert to the potentials for disaster in our present property tax system, here’s a white knuckle possibility for you to consider.

Around the nation private companies are buying up tax delinquent bills from desperate counties and cities. This is not a philanthropic act, kids.

Privatizing of a government function is a profit making undertaking. The companies immediately jack up the interest rate on the delinquent property taxes-way more than the government charges.

The result is foreclosures–and according to the NYTimes- neighborhoods are becoming “wastelands of abandoned properties”.

Foreclosures are skyrocketing. People suddenly find huge interest tacked on to their late property tax bills and bingo, it’s disaster time in the community.

I checked and thus far -for example- Ulster County no longer sells tax liens…. Ulster has been very supportive of our efforts to reform property taxes…

Check your county and see if they sell tax liens. Some do.

In this recession however you can bet that cash strapped government entities are going to resort to anything to get $$$$$.

Tax lien investments bring in about 10 billion a year!  A nice pile of loot!

…A tasty-if ghoulish- meal.

This nation-wide tax nightmare suggests we had better hurry our Omnibus property tax relief and reform bill through Albany to gain some measure of protection against the horrors awaiting property taxpayers and renters (who pay property taxes passed along from their landlords).

Those who depend on our state government to be nurturing, thoughtful, and benign -absent our Omnibus bills forcing taxpayer protection- had better go out and buy a tent…


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