http://isgreaterthan.net/2008/11/wheres-the-library-bailout-plan/ Literary-minded culture blog Sun, 25 Sep 2011 06:38:40 +0000 hourly 1 http://wordpress.org/?v=abc http://isgreaterthan.net/2008/11/wheres-the-library-bailout-plan/comment-page-1/#comment-2260 R.John Xerxes Fri, 21 Nov 2008 19:39:27 +0000 http://isgreaterthan.net/?p=8417#comment-2260 I was just sternly corrected about something in regard to this article. This sentence - "This means that no tax is being collected on those properties until foreclosure is complete." Is incorrect. The bank that forecloses on a property still pays the tax on the property. Where the tax revenue goes down is when the properties around the foreclosed upon property are reassessed, which decrease as surrounding property loses its value. Hope that makes more sense. I was just sternly corrected about something in regard to this article. This sentence – “This means that no tax is being collected on those properties until foreclosure is complete.” Is incorrect. The bank that forecloses on a property still pays the tax on the property. Where the tax revenue goes down is when the properties around the foreclosed upon property are reassessed, which decrease as surrounding property loses its value. Hope that makes more sense.

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