Local governments or lienholders have taken more than 8,950 homes with more than $860 million in equity from 2014 to 2021 under laws that allow them to seize properties for unpaid property taxes, according to a new report.Â
Pacific Legal Foundation, which is working to ban the practice, found that taking property to pay property tax debts can be ruinous for people with small tax debts.
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Fitch Ratings said Friday that the outlook for state and local governments was “deteriorating” and an expected recession could put pressure on state and local governments to raise property taxes.
“Local governments may face slowed growth or possibly contraction in tax revenues associated with real property valuations, which may trigger expenditure controls or revenue-raising measures to preserve budgetary stability,” Fitch Ratings Senior Director Michael Rinaldi said.
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