Why don’t banks pay property tax on foreclosures?
Maybe their paying the taxes on what it’s actually worth, which is a mere fraction of what they’re trying to claim it is./sarc
(I don’t honestly know.)
My understanding is, however, that there is a federal bailout deal in which if they (the banks) foreclose, and then let it go to auction, they (the banks) are reimbursed (by the Fed Gov) for the difference between the auction prices and 85% of the NOTE value (Meaning they pay however much it takes to make the FedGov bailout contribution, plus the auction price, minus principle paid, total 85% of what the home was claimed to be worth on the foreclosed mortgage, not current value). The get us coming and going.
They do.
Why don’t banks pay property tax on foreclosures?
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Same reason they don’t pay the HOA assessments or keep the property in good repair.
“Why don’t banks pay property tax on foreclosures?”
They do when they are sold plus penalties.