The Ugly Face of Foreclosure (Cont'd)


And they have less money to pay for it because foreclosures cause tax collections to suffer. Not only do foreclosures, abandonment and demolition take properties off the tax rolls; the remaining homeowners often want their assessments lowered and taxes cut to reflect their plummeting property values.
"More than 64,000 people in Cuyahoga County alone filed an objection to their assessments this year because their property values have dropped," Rokakis said.