Why 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?

Why 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.