Fraud cases still causing high property taxes?

By
Real Estate Appraiser with Kathleen Bryce, Inc.

So did your taxes go down this year?  Why not?  It looks like it may be a long time before the Assessor catches up with all of the dirty sales that are on the books.  These frauds and flips are hitting all of us taxpayers right in our pocket book.  So the bad guys go to jail, nice but we're still going to pay for it out of our Pocket.  Kat...

Fraud cases still causing high property values
Naplesnews.com

By ELIZABETH WRIGHT (Contact)
7:33 p.m., Sunday, September 21, 2008

CAPE CORAL - In a wave of home sales that were based on phony appraisals, inflated sales prices and financing based on fraudulently prepared loan applications, some of the effects are now obvious.

Buyers were locked into mortgages they couldn't afford, paving the way for substantial losses for financial institutions and adding to the current boom in foreclosures.

But as a recent case of mortgage fraud in Cape Coral shows, this kind of financial crime can have more subtle consequences for others beyond the buyers and banks involved.

In some cases, local taxpayers have had their properties' values assessed based in part on fraudulently inflated sales prices.   Click for the whole Story

Comments (2)

Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Some HOA's are hurting also!

Sep 22, 2008 02:04 AM
Sara Homan
Coldwell Banker Ellison Realty 352-209-4044 - Ocala, FL
Realtor, Homes, Farms & 55+

When I read your first clip I thought I wonder if she's talking about Florida, lol!  The taxes have gone down minimally but there is an aweful lot that needs to be considered to get these taxes where they belong.  There is a house near me that had been listed for $199,900, sold for $239,900...sounds like a pretty big seller's concession huh!  It went into foreclosure and sold just recently for $115,000!!! hmmmmm   

Sep 22, 2008 02:13 AM