Florida property taxes and how Florida foreclosures affect them needs to be examined closely by people in charge of running the Sunshine State especially those tasked with collecting property tax revenues, regardless of how little or how much revenue will be generated during this real estate bust. Florida has finally been forced to deal with this issue much as many other states have had to deal with it for a little bit longer, it seems.
The way to look at this problem, whether in Florida or any other state, is to keep in mind that someone walking away from a home or who has lost it in foreclosure will be under no obligation to pay any future taxes on the property. True, some are still on the hook for taxes owed, but lost revenues are sure to ensue and that fact could adversely impact many a municipality, especially when no great uptick in sales is anticipated for a while.
The problems in real estate in general, and not just in Florida, is that there was a quite-lengthy boom. It helped to insulate Florida from the issue of a general decline in property values(and taxes on those properties) for longer than what was the the case in most states, fortunately for the Sunshine State.
Real estate booms and busts affect states differently, no matter the size, and in a state like Florida — which experienced its share of real estate speculation that was very robust and lengthy — the inevitable bust can be particularly hard-hitting in terms of how owners who thought they’d be able to get out of properties they really couldn’t afford are able to deal with the issue.
Many of these owners looked at the properties they were buying into and gambled that they’d be able to get out of them with a nice profit before the low interest rate loans or adjustable-rate mortgages they took out to get the property began to adjust upwards. But the bottom of the market fell out from under everybody quickly, meaning these homes are now unable to be sold for at least what they were purchased for.
Nowadays, many of these homes are being held by people who realistically can’t make their agreed-upon monthly payments once those adjustable-rate mortgages began to move upwards. They may have suffered job loss in the recession as well. It can be a vicious cycle and there is really no facet of economic activity that is immune from the cycle, including tax collection and sales.
With FL foreclosures continuing a steady climb, it’s just as sure that municipalities and even the state can expect a continuing drop in tax revenue collection. Property taxes are used to pay for a great many services a city or town or the state offers to its citizens, including schools and police or fire protection. Whether it was wise to rely so heavily on such a shifting base is a question for another day. The need at present is to deal with the reality.
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