Joe,
Ireton has it in head to go to the City Council for $45k to buy up to 45 properties at the upcoming CITY tax sale. He wants to either tear them down and put in a neighborhood park, or at least get them into the City’s control to get them cleaned up and not such an eyesore.
Get this, On the WBOC news video, the two streets mentioned were Philadelphia and New York Avenues, or, in other word, his own immediate neighborhood.
This is not only a conflict of interest using City funds to increase the property values in his own neighborhood, but a mathematically impossible move!
First of all, the banks that now own the houses need to pay their taxes, and if they are exempt, then they need to be fined for uncut grass and general blight. The City’s ONLY interest here is to collect the back tax monies owed.
NOW YOU HAVE OUR Village Idiot wanting to dig out $45k that we don’t have (FD, & Rain tax) to buy, say, just ONE house and he gets it for $2,500.
City owned properties do not pay taxes, either.
Title & deed work, closing costs $5k
Tear down the house, $13k
Install pieces of playground equipment $45k
Landscape, bushes, trees, mulch, sod $15k
Annual maintenance costs $5k
Total costs $85.5k
TOTAL RETURN ON INVESTMENT <- k="">
Total original monies started with, $45k, so now the City is out another $41k!
Well, that plan doesn’t work, as the property is still off the tax rolls, and is now not saleable to the private sector.
Scenario #2, flip a house:
Buy the house with tax money, money is collected by the City and put back into the City tax fund $0
Closing costs, title & deed work, Legal fees $5k
Bring property up to a saleable standard & list $75k
Total invested in property $82,500
Last 5 home sales in that neighborhood (average) $82, 500
Total profits from a’’ that hard work -$10k - +$10k , or $0.
All the while waiting for it to sell with no taxes coming in.
Joe, this is how Liberals and Democrats work. Oh, getting rid of blighted properties sounds like such a good cause and people rally to the cry until a Conservative stops to do the math, and ask HOW, without any money to put in even ONE storm drain and needs money from the County for a crippled, blind, dragging one leg Fire Department that it can justify getting into the house flipping business?
Aside from the fact I’m sure I’ll find in the Charter, using taxpayer money to run a real estate venture on the side has got to be beyond illegal.
But, to a Democrat libtard, the law must not matter…
9 comments:
Hey how about homeless shelters. Good use for them in Jim's hood. Battered woman's shelter. Or buy them all and make separate school admin offices spread out. Cheaper then that lease!
Anonymous said...
Hey how about homeless shelters. Good use for them in Jim's hood. Battered woman's shelter. Or buy them all and make separate school admin offices spread out. Cheaper then that lease!
May 18, 2015 at 12:23 PM
F... a homeless shelter!! When did those clowns become my responsibility! I didn't invite them to Salisbury Barry Tilghman, Lore Chambers and Jim Ireton did.
"If you build it they will come."
That's exactly right. You keep giving those convicts reasons to move to Salisbury and they will. Other cities kicked them out of their own town and gave them one way tickets to Salisbury because Salisbury has the homeless shelters and welcomes them with open arms! I can't stand that and those homeless convicts have brought our home values down.
Are they bank owned? A tax sale doesnt' necessarily mean they are bank owned. When you buy something at a tax sale you are responsible for the mortgage if any.
What will the thugs do they will riot.
sell the house to someone who will occupy it for at least 5 years. Sell it to them for $1.00. Let them rehab it and make the neighborhood a better place.
Heck, Jo e, I’ll take this one further.
Sell the house at auction to a PRIVATE individual, like what is supposed to happen, and here’s the result: if the City would want to give a one year “enterprise” break to the new owner to help in the rehab
House is rehabilitated and either of the following happens:
Back taxes are collected from the sale, and fills our City coffers.
The property then immediately gets back on the tax rolls .
House sells again to new family, new family pays taxes every year.
House flipper makes money, buys another property, lather, rinse, repeat. Now jobs have been created, workers paying taxes.
Scenario 2:
Tax sale buyer keeps house, moves in. Taxes come in to the City coffers, even if the City would defer the first year, then taxes still come into the City thereon in.
It’s a Win, but only if the government stays out of it and lets the private sector do its job.
They are tearing down the homes across the street from the new condos and homes around Germania circle and also heard Perdue might be buying properties adjacent to their facility, to me I'm proud they are doing more of this , at least we get more homeowners and then soon well see gentrification in our neighborhoods and kick out the poor people, that's what they are already doing even look at the new city election maps district 1 shanie district is about to become a majority with only 54% black and the the other minority district only has 51%, black population is decreasing or moving out of city limits we are seeing more Mexicans and Asians, I live on the Westside and see black people leave and white and Mexicans move in and when I ask where they moving to they either saying Somerset county, Cambridge, Baltimore or down south.
This is nothing more than another smoke and mirrors campaign.
I agree, let private sector take care of this. As a taxpaying homeowner, I am against the city going into the realtor business.
Let's face it, we have the over run neighborhoods with college kids, and many others because of the mayor and council's failed policies. If they had been willing to HEAR AND LISTEN to the neighbors who kept repeatedly telling them of all the problems and had they actually done something strong instead of just lip service we wouldn't be talking about this failure a decade later.
12:35pm A tax sale will wipe out any outstanding mortgage.
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