Metro taxpayers, left holding the bag, foot the bill as banks walk away from homes

Several counties across the state, including Washtenaw County, are dealing with a phenomenon of banks “walking away” from houses despite owing thousands in taxes, according to a Detroit Free Press report

Seventy-six percent of the 274 properties in tax foreclosure this year in Washtenaw County are those that banks have some sort of financial interest in, according to the Free Press.

Tax foreclosures often lead to chargebacks, which is when the treasurer cannot collect the taxes owed from the bank or owner and the communities are then charged. Chargebacks cost Washtenaw County about $1.5 million.

Read on.

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