Because they owe the bank $1 million for property that suddenly worked much less... | Hacker News

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yimby2001 82 days ago | parent | context | favorite | on: The housing theory of everything (2021)

Because they owe the bank $1 million for property that suddenly worked much less than that so they’re gonna default on their debt and then their bank is going to sell it and attempt to recover the loss

Schiendelman 81 days ago [–]

Generally property tax is a percentage of the value of land. So your scenario doesn't happen unless the land is incredibly valuable.

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