Comments on: Minister Noonan confirms property tax estimates based on scratchcard economics

By: john gallaher

john gallaher — Wed, 12 Dec 2012 20:26:06 +0000

wrong link…..phew thankfully not inappropriate,in states most lenders require RE taxes to be paid the them-escrow- and they pay it.
http://money.cnn.com/2012/03/05/real_estate/tax-liens/index.htm

By: Houdini

Houdini — Wed, 12 Dec 2012 18:19:44 +0000

Dorothy,

Yes, Merida is still a very lovely respite from the madness of modern society. However, I would not be too confident with Vatican astronomers, Jesuit or not. I do remember a fellow named Galileo who had a run in with the Vatican.

By: Dorothy Jones

Dorothy Jones — Wed, 12 Dec 2012 18:02:31 +0000

@Houdini; apparently Vatican astronomers dispute the Mayan calender end of world on Dec 21 2012. No really :) Merida is lovely, fond memories of it many moons ago.
http://www.telegraph.co.uk/news/worldnews/europe/vaticancityandholysee/9739697/Mayan-apocalypse-Vatican-says-the-end-is-not-nigh-for-now.html

By: john gallaher

john gallaher — Wed, 12 Dec 2012 17:09:51 +0000

Here’s how it “works” over here,RE Taxes rank first….and yes it is 12/12/12!
Now that the legal issues around repo’s is getting cleaned up,perhaps a secondary market in unpaid RE taxes will develop !

“Between $7 billion and $10 billion in property taxes go delinquent each year, according to Brad Westover, executive director for the National Tax Lien Association. For many state, county and local governments, the failure to collect on these debts weighs heavily on their already-overburdened budgets. In 29 states, plus the District of Columbia, they turn to investors for help.
In these states, investors buy tax lien certificates at auctions, effectively owning a claim against the property until the homeowner pays the county or municipality back or until they default on the debt entirely. In return, the county gets the money it needs to fund schools, pave roads and pay for other infrastructure and services.”
http://www.cnbc.com/id/100303029

By: Houdini

Houdini — Wed, 12 Dec 2012 15:39:46 +0000

I live in the quaint, colonial city of Merida, Yucatan, Mexico. With a population of over one million, the local government has had an online (please see below, only in Spanish) property register for years where one can, among many things, pay their taxes online. Currently, we are very occupied getting ready for end of the world. I think Minister Noonan has missed his chance with only nine days left. The Irish are famous for procrastination and it has worked out beautifully.

http://www.merida.gob.mx/municipio/sitiosphp/catastro/php/inicio.php

By: namawinelake

namawinelake — Wed, 12 Dec 2012 13:01:39 +0000

@Ahura, very good question about the Revenue’s charge on the property either from unpaid tax or deferrals, will this rank above mortgage debt, I do not know. Anyone?

By: Ahura M

Ahura M — Wed, 12 Dec 2012 12:35:54 +0000

Given many people will not pay this tax (unable or unwilling) or will underpay, how will the clawback work? As I understand it, unpaid property tax will be treated as a lien on the property. But how will the property value be determined and how will value fluctuations be treated?

Also how will unpaid property tax rank to mortgage debt in foreclosures? If it ranks higher, then will lenders need to increase their loss provisions. If it ranks lower, will the revenue chase the dispossessed?