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It's also worth noting that banks don't have to pay property tax on foreclosed homes, greanting them interest free investments.
by wusher 13y ago
It's also worth noting that banks don't have to pay property tax on foreclosed homes, greanting them interest free investments.
- gaadd33 13y agoWhy don't they? It seems like local municipalities would be incentivized to seize them for unpaid taxes then. Are they permitted to rent them out and not pay? If so it seems like it would be a great loophole for a bank to mutate into a quasi real estate management company. You could easily undercut any other local rents by the cost of property taxes.
- r00fus 13y agoThis is a crime. How is this allowed?