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• W3121796009 abstract "ABSTRACTIn tough economic times, everyone looks for ways to do more with less. Local governments, however, face the challenge of doing more with money they do not have. With the recent shrinking of their budgets, it is critical that governments use their limited funding and opportunities for future funding wisely. One such opportunity for future revenue, the payment of delinquent property tax obligations, is critical to providing basic public services, such as education and emergency services. However, government officials may not be maximizing this resource and there is a risk that governments' financial needs are being exploited.In an effort to generate revenue and overcome budgetary shortfalls, many local governments sell the right to collect delinquent taxes, along with interest and penalties applied to the amount owed, through the sale of property tax liens. The liens are sold, often for less than the amount of total debt, to private investors who are able to use the government's enforcement tools-including property foreclosure-to collect the debt owed. Although this $20 billion market generates short-term funds, it obscures the amount of revenue that is forgone in exchange.This Comment examines the strategies available for managing delinquent tax digests in search of a method that maximizes the return received by local governments while preserving political accountability, protecting consumers, and minimizing aggregate social costs. It analyzes the risks posed by tax lien sales to these objectives and suggests that delinquent tax anticipation notes and contracted lien servicing, or a combination of the two alternatives, best enable governments to maximize revenue, meet policy objectives, and serve taxpayer interests.INTRODUCTIONBoth borrower and creditor benefit from a loan. However, what results is not necessarily an even exchange. The creditor has some degree of power because the borrower has a need. In some circumstances, the interest rate that a borrower pays on the principal received is greater if there is a need that the lender can exploit. Title lending and payday lending, for example, are financing schemes of last resort that convert assets or future receivables to cash in exchange for high interest rates or fees.1 Although these high borrowing costs reflect a substantial risk of nonpayment by the debtor,2 they also take advantage of the financial hardships of borrowers who lack the financial stability needed to obtain lower interest loans.3Local governments often find themselves borrowers due to property tax delinquencies. Property tax revenues are critical for providing services such as education and police protection,4 and delinquent payments of tax obligations can create budgetary shortfalls that threaten the provision of those services. Government officials are then faced with deciding whether to cut or modify services, generate additional revenue, or borrow money. None of these solutions comes without a tradeoff: cutting services can be politically infeasible, finding a new revenue source is difficult, and increasing the amount of debt creates an additional cost because of the loan's interest. After weighing these options, many local governments elect to generate revenue through the sale of future receivables-property tax liens.5 The decision has evolved into a $20 billion market.6The sale of property tax liens produces needed revenue, but it is unclear if this strategy produces the best outcomes for taxpayers. When a government sells property tax liens, it incurs an opportunity cost of forgone future tax collections.7 This cost is potentially higher than the cost of other financing options-for example, issuing bonds that allow governments to borrow at lowinterest rates8-because it transfers to the purchaser all of the potential earnings from tax liens. In addition, the sales create negative externalities because they transfer control of tax foreclosure processes from the government to private parties. …" @default.
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• W3121796009 date "2012-11-01" @default.
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• W3121796009 title "Making Debt Pay: Examining the Use of Property Tax Delinquency as a Revenue Source" @default.
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