The ‘Notice’ Starts A Sad Process

Today, there is another alternative which can help rejuvenate old housing stock — the property can be put into what is called a “Land Bank.” Sometimes this enables a potential buyer in purchasing and restoring a house. It also might enable a non-profit organization, like Habitat for Humanity, come in, take ownership and make needed restoration and repairs. If the County gives property to the Land Bank, County taxpayers eat all of the back taxes.

What the whole issues highlights is that property taxes, especially in a State like New York, are high. They are a major revenue source for both local governments and school districts. When somebody fails to pay them, that underlying cost doesn’t go away. It just gets shifted to everyone else already paying their own property taxes.

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