The shady foreigners propping up New York's real estate market
On Sunday, The New York Times published an 8,000-word investigation into wealthy foreigners who buy New York real estate and take advantage of lax laws in the U.S. that allow them to set up shell companies so they don't need to reveal their identities.
Stream of Foreign Wealth Flows to Elite New York Real Estate
Luxury real estate ownership in America has never been more secretive
Revealed: Top-secret buyers at Related's Time Warner Center
While house hunting, I found a dream home. However, the house had a high property tax rate. When I asked the real estate agent why the rate was high, she told me about religious "camps" in the county which built neighborhoods within them for their members. Their members live property tax free.Mon, 10 Sep 2012 11:31:55 -0700
These camps are owned by a religious group. Entire neighborhoods have been built in these camps. MANY people are living there and according to this real estate agent, no one on this property pays property taxes. Because these people don't pay taxes, the surrounding neighbors have to pay more taxes to make up the difference.
The house I'm looking at has over $12k in property tax, and it's only valued at roughly $170k. Neighboring properties pay the same (one was at $10k, the other was at $11k).
Can religious groups really get away with this?
Links: http://www.riverreporter.com/issues/04-08-26/head3-relations.html (thanks to sandflea)
EDIT: I removed any indication of which religious group owns this land to prevent this thread from becoming a bash-fest against a particular religious group.
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