City authorities should look at escrow accounts for payment of taxes where mortgages involved

Dear Editor,

A lot of noise continues to be made about the difficulty in getting property owners to pay their taxes to the city of Georgetown’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 by the mortgager from the repayment of the mortgage loan by the mortgagee. The taxes would be in addition to the money for property insurance which would normally be put in place on the signing of a mortgage by the two parties.

The city, town and village authorities may also consider improving their revenue base by looking into the implementation of a blight tax levy on buildings whose appearance leaves much to be desired. This drives down real estate values in an entire neighbourhood. This move by the authorities would be aimed in the main at those speculators who buy run-down buildings as an investment, but which remain eyesores in a green environment.

Editor, instances of the use of this medium is widespread, and there should be no difficulty after discussion by the concerned parties in getting central government to draw up the requisite legislation for its implementation.

Yours faithfully,
Aubrey Alexander
Deputy Director Civil Aviation (ret’d)

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