We’re all familiar with the haunting specter of zombie foreclosures. Those blights on the landscapes of otherwise decent communities. They lower property values, bring in crime, become a den for homeless people. And you know who the biggest loser of this whole situation is?
Um, what? Aren’t the neighbors losing the most?
Nope, apparently the biggest hit comes from lost property taxes. Neighbors’ property values are peanuts compared to the roughly $400 million lost from zombie foreclosures. No one keeps up the house and NO ONE pays the taxes.
But who does this really bother? Are we going to start feeling sorry for the government? Not very likely. But I’ll tell you this much. We’re all in one big economic circle and what each part does affects all the others.
So believe me when I tell you this is going to come back around to haunt us (I couldn’t resist another pun). If some neighborhoods pay less taxes we’re likely to see tax rates rise, services shrink, and many other repercussions. I’d like to believe we’re all paying our fair share. Now if we could just stick around long enough to reap the benefits …