Contrary to the picture some Realtors and much of the media has been painting, there are a massive number of foreclosures in the works. As of June 2013 U.S. banks reported over $200 billion in delinquent mortgage loans working their towards the foreclosure auction block. This doesn’t even include all the foreclosures in process due to delinquent homeowner association fees and property taxes.
While Long Island authorities say they prefer not to foreclosure for delinquent property taxes U.S. homeowners are losing their homes for as little as $6 in penalties, while local millionaires and mega rich corporations and developers get massive tax breaks.
In one recent case a woman in the Northeast was foreclosed on for just $6.30. She had actually reportedly paid the taxes but had miscalculated paying off the fines and interest for being late. Her home worth over $250,000 went to auction for a fraction of that.
All this while officials admit the property tax system in New York and on Long Island is broken, and millions in back refunds are owed to local homeowners for overpaying property taxes.
The data shows that a huge number of Long Islanders are overpaying on their property taxes, or could qualify to file a tax grievance and have their property tax bills reduced.
Of course the smart thing to do is to enroll the help of a professional local property tax adjuster early to make sure you aren’t a victim. The services of a local property tax professional and attorney could also help if you have been receiving confusing notices, aren’t sure where you are at, and even potentially if you have already been foreclosed on unfairly. In the above case the woman won and second court date to try and get her home back two years after it was taken away from her, but few will be that fortunate.