These are property tax issues when families struggle and don’t pay their property tax over a 3-year period, all states have rules in place to foreclose on that property. A property tax sale takes place. The town then gets paid the back taxes.
What happens to the rest of the money on a paid-off home? For instance, a house that is worth $200,000 that a family has been struggling to maintain, pays property taxes but due to health reasons, employment issues or some other desperate home issues can’t pay property taxes. That home finally goes into foreclosure with a tax sale for $20,000 in back taxes. Their credit is shot. They can’t borrow money.
Unpaid Property Tax and Foreclosure Example:
The home sells for $180,000 on tax sale. What happens to the remaining $160,000 after the town gets back the $20,000 back taxes?
In 3 states, New York, Colorado, and Michigan, the state legally steals that surplus money from the tax sale ($160,000 cited in the example) outright!
Other states under a legal clause called “escheat law” (sound like it is doesn’t it: to cheat one out of tax foreclosure money that belongs rightfully to the property owner) to legally steal that money at a later date. All states require financial institutions, to report when personal property has been abandoned or unclaimed after a period of time specified by state law — often five years. Then that money is theirs.
Consider this, the family that worked all their life, saved, paid their bills, and worked in the system to build likely their only financial asset of high value. Hard times come to that family and it is preyed upon; every state in the union is in on the act! NO EFFORT IS MADE to repatriate the excess funds from the state government tax sale to their rightful owners. These forfeited unclaimed funds yearly reap billions using that escheat law sting. When the state owes you money, silence!
Property Tax Overview
How does property tax work? States have no conscious when it comes to helping these victims of hard times get repatriated with what is rightfully theirs.
Is pathological financial behavior by state governments contagious? Judging by their over-spending, in-house perks, and financial manipulations, one would expect oversight by democratically elected officials … or are there zombies on the job?
I don’t know what system they follow. They don’t treat their neighbor as themselves.
Do you think, with that mentality, that the county and state you live in will go out of their way to address the 40% to 60% national error rate and over-assessment for property taxes? Unless there is a property tax appeal, nothing will happen. When they (the municipality) overcharge, they are silent!
Similar to someone reclaiming excess money owed to them from a property tax sale, if one doesn’t speak up or have someone speak up for them, nothing will happen. A Real Business: Lowering a Client’s Property Tax!
Help Others Appeal An Over-Assessed Property Tax As A Consultant
If appealing a property tax assessment is within your wheelhouse, this is an exciting business. Unravel that suspicion that you or others might have about a too-high tax. Make a property tax appeal case worth pursuing.
Highly Rewarding Residential, Commercial, Industrial Property Tax Consulting Business In A Multi-Trillion Dollar Industry
Evaluate the Residential and Commercial Property Tax Reduction Business and Earn Fees with Your First Client
Gain Access To The Complete Courses for Residential & Commercial Property Tax Appeal:
Get Access Here Today or insert it into the browser: https://propertytaxconsult.com
