TOTAL LOSS FIRE - CITY DEMOLISHED

[Marcell L.]

Hi All,

Short Story.

one of our buildings was part of a large fire that wiped out half a block, 6 buildings. The city came in and demolished and cleared all the properties. 

1. the property is under an LLC and is now just vacant land. I have a city tax bill that will be coming up in the next couple of months.

2. I will have a city demolition bill coming my way as well. probably in the range of 25K-35K.

My question is around tax bill and demolition bill the city will be sending my way:

The land maybe is worth 5k. 10k at most. 

If I do not pay my tax bill ( around $2,500) and let the city foreclose on the property. Will that impact my personal financial profile - credit score etc.

Same question on the demo bill - If i just let the city put a lien on the property and it eventually forecloses is there any financial impact to me personally. 

I rather walk away from the land. 

thank  you.