How Does Pennsylvania Handle Unclaimed Property
Unclaimed property is becoming a serious problem throughout the United States. As the economy continues to suffer, individuals are often unable to maintain their property or pay their taxes. If an individual acquires delinquent taxes, is unable to make regular payments on he/her property, or is not able to maintain or repair the property, he/she may choose to abandon the property.
Unclaimed property is property that is abandoned by its owners and is not likely to be reclaimed by the owners. It is a very serious occurrence, as unclaimed property diminished the security of a community, reduces property value, and costs tax payers a substantial amount of money. Abandoned property is becoming increasingly problematic in cities and suburbs throughout Pennsylvania.
PA unclaimed property is widespread throughout the state. It affects not only cities, but also suburbs and rural communities. Allegheny County is greatly impacted by this pandemic, as over 350 properties are abandoned annually. It is estimated that about 10 percent of the homes in Philadelphia are abandoned. Despite the negative consequences of PA unclaimed property, abandoned real estate can be beneficial to potential home owners.
When property is abandoned, officials will attempt to locate the owner of the property. If the owner cannot be located, the property may go to auction to be sold. This provides individuals with the opportunity to obtain property at low costs. If an individual is seeking Allegheny County real estate, he/she should consider searching for abandoned property auctions.