- Days left

Delinquent tax list paints a sad picture of local economy

The local newspaper recently published a list of delinquent tax properties for our county, which painted a telling portrait of the local economy. The list, which takes up two thirds of a page and includes over 600 properties, wasn't just made up of individuals threatened with losing their homes; but instead filled with banks and multiple property owners.

Normally, the listing takes up less than half a page and reads like a phone book, with no name appearing more than once. This time, the listing had large clumps of the same name, with close to 30 property owners owing back taxes for more than four properties, and one couple owing taxes on 24 properties! Additionally the list included many banks, business and development groups, illustrating the sad reality facing our local economy. Had the list also included the manufactured homes that are also delinquent, it would have easily spilled onto a second page!

While there's no way to know exactly why these individuals own all of these properties, assuming that they are rentals or properties to be flipped isn't out of the question. As the local credit opportunities dried up and businesses began closing up their doors, property owners found their buyers disappearing, and apparently stopped paying their taxes. Owners of these properties have 28 days to pay up before the county forecloses on them, dumping an additional 600 foreclosures onto our already crowded real estate market.

Despite my desire to purchase a local house for peanuts; the number of foreclosures due to delinquent real estate tax deeply concerns me. If only half of these properties enter foreclosure the loss of tax revenue and additional empty homes will be a further drain our city and county revenues as well as their already stretched resources. Unfortunately, there seems to be no easy solution to the problem nor an end in sight.

Increase your money and finance knowledge from home

Economics 101

Intro to economics. But fun.

View Course »

Banking Services 101

Understand your bank's services, and how to get the most from them

View Course »

TurboTax Articles

Top 5 Reasons to Adjust Your W-4 Withholding

Common lifestyle changes, like getting a job or getting married, can change your tax liability. To avoid being caught off guard by an unexpected tax bill or huge tax refund, you'll need to adjust your withholdings on your paycheck.

Does Everyone Need to File an Income Tax Return?

Not everyone is required to file an income tax return each year. Generally, if your total income for the year doesn't exceed the standard deduction plus one exemption and you aren't a dependent to another taxpayer, then you don't need to file a federal tax return. The amount of income that you can earn before you are required to file a tax return also depends on the type of income, your age and your filing status.

How to Write Off Sales Taxes

The Internal Revenue Service (IRS) permits you to write off either your state and local income tax or sales taxes when itemizing your deductions. People who live in a state that does not impose income taxes often benefit most from this deduction. However, you might also be better off deducting sales taxes instead of income taxes if you make large purchases during the year and your total sales tax payments exceed those for state income tax. You can use either the actual sales taxes you paid or the IRS optional sales tax tables.

Add a Comment

*0 / 3000 Character Maximum