11-23-2018, 02:52 PM
(11-23-2018, 02:15 PM)ijmorlan Wrote: Which makes no sense at all. A property cannot be sold for more than its worth to a bidder. So conceivably you could end up with an unsellable property, and indeed we might have such already.
I wonder what would happen if one were to expropriate a property with outstanding taxes. Could that work? Presumably the settlement would be set off against the taxes, so no actual payment would go to the former owner. Not a real estate lawyer, no idea how it actually works, just musing.
I'm no lawyer either, but I don't think the City has the legal footing to justify expropriation. It's a quandary, but I hope that something will get done with the lowered price and flexible zoning.