Ah, property taxes. Failed attempts and promises from politicians, endless press about the process, progress, or lack thereof. And the problems still exist.

Commercial properties are taxassessed for "maximum and best use." We can loudly protest Miami's over-development, but our system not only invites, it occasionally even forces, property owners to sell to that major developer.

The proverbial example of the small neighborhood store near downtown assessed at its maximum (potentially a 50-story condo building) but definitely not best use, is a sad reality. And it tears at the fabric of our community.

The Miami-Dade property appraiser could address these issues now, instead of waiting for our legislators to come up with sweeping solutions. We need local fixes, right now.

The same for residential properties. Recent buyers have seen the countyappraised value of their properties shoot up. The gap in time between closing on a property and re-qualifying for homestead exemption gives the county appraiser a couple more shots at jacking up your assessment, before you qualify for the 3 percent cap. And they seem to have no clue that the real estate market is, shall we say, slow?

And now, mortgage fraud has swept South Florida by storm. This relatively new, pervasive crime is plaguing our property valuations and tax assessments with massive and devastating implications on the economic welfare of Miami Dade County.

Last month Mayor Carlos Alvarez created a Mortgage Fraud Task Force – and it is already overwhelmed. The State Attorney's Office is referring mortgage fraud cases to the county task force, which in turn is passing them on to local municipalities. Without adequate law enforcement resources, this problem will be here for a long while and we will pay dearly for it.

Right now, the media is concentrating on the stated or implied reference that foreclosures are the result of sub-prime mortgages and a morbid real estate market. The next several months may well demonstrate that the larger number of foreclosures are the result of mortgage fraud.

A few months ago Miami Monthly started looking into a little pocket of gentrification in West Coconut Grove, formerly known as the Black Grove. Property values were going up a mile a minute. Real estate was moving faster than a speeding bullet, with town houses seemingly appreciating, in some cases, at the rate of $100,000 a month. Some luckier ones at $200,000 – overnight.

No, I am not insinuating these homes were purchased by folks involved in criminal activity. It is, however, worthy to note that most of the purchases we examined were recently purchased for a "magic price" of $800,000; many previously listed on the MLS for $600,000 the month or two before, and most obtained 100% financing.

Foreclosures have already commenced in the neighborhood.

Unfortunately, signs of potential problems abound countywide. The Mark on Brickell has dozens of foreclosures and increased fees are being assessed upon the remaining owners to cover the building's operating costs.

Months of maintenance fees have gone unpaid in tandem with mortgage defaults. According to Condo- Vultures.com, as of last month The Club at Brickell had 54 foreclosures, the most of any building in Miami-Dade and Broward counties.

The Vue at Brickell, a condo conversion just two blocks away, had 49 foreclosure actions. The Jade at Brickell, 42. Also in the fray: Sunny Isles, South Beach, Fisher Island, Aventura, Williams Island, Bal Harbour, Coral Gables, Cocoplum, South Miami, Coconut Grove, Key Biscayne, and Brickell Key.

Undoubtedly, a foreclosure does not directly translate to mortgage fraud, nor are we suggesting that these developments or any other particular projects are tainted by criminal acts. What we do observe is that questionable practices are the modus operandi du jour throughout South Florida.

The real estate boom set the stage: property values escalated exponentially, homes sold for over listing price in 24 hours or less, bidding wars abounded, buyers lined up to purchase condo units and buildings sold out pre-construction in a day or two.

Opportunists seized the day. Realizing no one would question home prices that multiplied by the minute, they purchased properties for hundreds of thousands of dollars above real value. Aided by easy bank financing, they walked out of real estate closings with a couple of hundred thou in cash, over and above the property's worth, never make a mortgage payment, and let the property go into foreclosure.

Ring leaders from diverse sources procured buyers for these properties – some savvy participants who were willing to be repeat offenders, some maids and housekeepers who were offered a few grand to lend their name to the transaction, and some whose identities had been stolen.

Falsified information accompanied most mortgage applications, and 100 percent loans for seriously overpriced properties were issued like they were going out of style – which by the way, they have.

But, at the end of the day, thousands of fraudulent sales have increased the property taxes of many unsuspecting citizens, and although aware of the problem, the county property tax appraiser's office isn't accounting for those inflated, unrealistic, and bogus prices.

So, for the time being, we just get to wait, hope and pay.