Monday, June 24, 2019     

   



Property Forfeiture
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About the indicator:

In Michigan, if property taxes arenít paid when due, a property becomes tax delinquent. If taxes and penalties owed on delinquent properties arenít paid within a year, a property enters into forfeiture. Forfeiture is a one year process after which, if taxes and penalties are still owed, the property enters into a foreclosure process and the owner may lose the property. The property forfeiture indicator reflects on the ability of property owners to maintain ownership of their property. It is a good general indicator for the overall economy.


Performance Analysis:

The graph shows the effects of the recession as a growing number of property owners were unable to keep up with their property tax payments resulting in sharp increase in forfeitures between 2006 and 2011. The rate of forfeitures has dropped since the high in 2011 and appears to have returned to pre-recession levels in 2016 to 2018 affecting between 750 to 850 parcels on an annual basis.


Data Notes:

Data shown come from the Allegan County Treasurerís Office and reflect the number of parcels entering forfeiture March 1st of every year.


Allegan County


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