The Real Deal Miami

Greenacres councilor wants banks to pay foreclosure fee

May 16, 2010 05:13PM

Newly-elected Greenacres City Councilman Jonathan Pearce plans to
propose charging banks a “registration fee” for each home they seek to
foreclose in the city. Palm Beach County Property Appraiser Gary
Nikolits said property values in the city dropped 21 percent in 2009,
and Pearce’s proposal intends to recoup some of those lost tax dollars.
According to Greenacres City Manager Wadie Atallah, approximately 125
homes are in foreclosure there. Pearce modeled his proposal on the
similar fee charged on banks by Boynton Beach since last fall, which
has raised $60,000 in tax funds. [Palm Beach Post]