What is it called when you hand the keys to the local government and say “here it’s yours.”
Normally, losing your property due to non-payment of property taxes keeps people in line. But when they have to jack up the rates to pay obligations (like pensions), maybe a lot of people do the arithmetic and figure it is cheaper to walk away.
Let’s say you owned your house free and clear. They decide to increase your property taxes significantly. You decide it’s no longer worth it. Can you legally demolish the house, strip anything valuable, and leave them an empty lot?
You probably could! I have inherited land with a barn, garage and other old buildings that are heavily taxed for their value. So, we plan to demolish them this year and decrease our taxes. My cousin is leasing the house but as soon as he leaves that is going too.
Check with the taxing authority before doing anything but I think it’s the same thing as would happen if your home caught fire and was completely destroyed. You get to decrease the value of the improvement.
We did the right thing by paying off our home. Taxes are out of sight as it cost us $725/month in school, county, ESD, and dam maintenance! That would be close to my whole Social Security check, haa!