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Payment of Property Taxes by escrow accounts
DEAR EDITOR,
A lot of noise continues to be made about the difficulty in getting property owners to pay their taxes to the Georgetown city’s tax collectors and to the other various town and village authorities.
I wish to suggest that the medium of escrow or impound accounts, be actively pursued, whereby those monies could be paid to the authorities in instances by the mortgager from the term repayment of mortgage loan by the mortgagee. This amount of taxes would be in addition to that for property insurance which would normally be put in place on signing of a mortgage by the two parties.
The city, town and village authorities may consider improving their revenue base by looking into the implementation of a blight tax levy on buildings whose appearance leave so much to be desired.
This would drive down real estate values in the entire neighbourhood. This move by the authorities would be aimed, in the main, at those speculators who buy ‘rundown’ buildings as an investment, but they remain eye sores in a green environment.
Instances of the use of this medium widely exists, and there should be no difficulty after discussion by concerned parties in getting central government to draw up the requisite legislation for its implementation.
Aubrey Alexander
Deputy Director Civil Aviation (Ret’d)
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