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It's called marked to market. They will hold properties rather than recognize the loss when it sells for less than the original loan. This article proves that
by tannerbrockwell 9y ago
It's called marked to market. They will hold properties rather than recognize the loss when it sells for less than the original loan.
This article proves that banks used the homestead exemption to avoid property tax: http://jacksonville.com/business/real-estate/2011-01-30/story/how-banks-are-enjoying-homestead-exemption http://jacksonville.com/business/real-estate/2011-01-30/stor...
- nradov 9y agoUsing the homestead exemption isn't avoiding property tax. It's legally allowed for any owner who meets the criteria. The banks do still have to pay the property tax; the exemption only lowers the taxable value.
- pmiller2 9y agoWell, it is "tax avoidance," which is completely legal. It's just not "tax evasion," or any kind of special exemption.
- nradov 9y agoTax "avoidance" usually implies exploiting some sort of unintended loophole in a tricky way that doesn't necessarily generate much economic value. In this case the homestead exemption is specifically and explicitly allowed. There's really nothing being avoided.