Georgia
Sale Type: Hybrid Tax Deeds
Interest Rate: 20% Penalty for 1st year and 1% per month thereafter
Bid Method: Premium Bid
Redemption Period: 1 Year
Sale Date(s): Varies by County
Statute Section(s): Annotated Sections 48-2-40-40; 48-3-19,20; 48-4-42,45; Title 48, CH 3,4
Over-the-Counter: No
State Website: http://www.georgia.gov/
Interest Rate: 20% Penalty for 1st year and 1% per month thereafter
Bid Method: Premium Bid
Redemption Period: 1 Year
Sale Date(s): Varies by County
Statute Section(s): Annotated Sections 48-2-40-40; 48-3-19,20; 48-4-42,45; Title 48, CH 3,4
Over-the-Counter: No
State Website: http://www.georgia.gov/
Georgia State Overview
In Georgia, tax sales are very similar to those in a tax lien state. The county tax commissioner oversees the sale which is an oral public auction. Tax deedsthat are sold in Georgia are purchased with a one year redemption period. A penalty rate of 20% is applied to the redemption of all tax deeds. The property owner has a twelve month period to pay all delinquent taxes, interest, penalties and fees if they choose to redeem the property, if failed to do so, the investor may begin the process of terminating redemption rights. This process is required to be performed by the investor. Following the redemption period the investor is required to send out certified letters to the last recorded address of the owner and any other party with interest in the property. Upon foreclosure the investor is required to run a foreclosure notification in the local newspaper for 4 consecutive weeks prior to the redemption deadline.
Georgia has a 20% penalty rate that is applied for the first year. An additional 20% penalty is applied to the property that is redeemed within 4 weeks following the one year redemption period. There also is a 20% penalty attached if the redemption is made after a public notice has been given. Investors can receive a possible return rate of 60% with the right circumstances upon redemption.
Georgia uses the Premium Bid method. The county's starting bid will include all back taxes, penalties, interest, and administrative costs. The investor who bids the highest amount will receive the deed to the property.
In Georgia, the tax collector or treasurer will sell hybrid tax deeds to the winning bidders at the delinquent property tax sale.
In Georgia, tax sales are very similar to those in a tax lien state. The county tax commissioner oversees the sale which is an oral public auction. Tax deedsthat are sold in Georgia are purchased with a one year redemption period. A penalty rate of 20% is applied to the redemption of all tax deeds. The property owner has a twelve month period to pay all delinquent taxes, interest, penalties and fees if they choose to redeem the property, if failed to do so, the investor may begin the process of terminating redemption rights. This process is required to be performed by the investor. Following the redemption period the investor is required to send out certified letters to the last recorded address of the owner and any other party with interest in the property. Upon foreclosure the investor is required to run a foreclosure notification in the local newspaper for 4 consecutive weeks prior to the redemption deadline.
Georgia has a 20% penalty rate that is applied for the first year. An additional 20% penalty is applied to the property that is redeemed within 4 weeks following the one year redemption period. There also is a 20% penalty attached if the redemption is made after a public notice has been given. Investors can receive a possible return rate of 60% with the right circumstances upon redemption.
Georgia uses the Premium Bid method. The county's starting bid will include all back taxes, penalties, interest, and administrative costs. The investor who bids the highest amount will receive the deed to the property.
In Georgia, the tax collector or treasurer will sell hybrid tax deeds to the winning bidders at the delinquent property tax sale.
- Tax Sale Type: Hybrid Tax Deed (Sec. 48-4-1).
- Contact: Tax collector or tax commissioner (Sec. 48-4-3).
- Interest Rate and/or Penalty Rate: 20% penalty of the amount for the first year or fraction of a year and 10% penalty for each year or fraction of a year thereafter(Sec. 48-4-42)
- Bid Procedure: Premium bid (Sec. 48-4-2 ).
- Redemption Period: One year (Sec. 48-4-40).
- Law: Official Code of Georgia, Title 48, Chapter 3, "Tax Executions," and Chapter 4, "Tax Sales."
Hawaii
Sale Type: Redemption Tax Deeds
Interest Rate: 12%
Bid Method: Premium Bid
Redemption Period: 1 Year
Sale Date(s): Infrequent
Statute Section(s): Title 14, CH 246
Over-the-Counter: No
Interest Rate: 12%
Bid Method: Premium Bid
Redemption Period: 1 Year
Sale Date(s): Infrequent
Statute Section(s): Title 14, CH 246
Over-the-Counter: No
Hawaii State Overview
Tax sales in Hawaii are very similar to those conducted in a tax lien state. The county tax collector or treasurer oversees the tax sales. Tax deeds sold in Hawaii are purchased with a one year right of redemption. Tax deeds must be recorded with the county within 60 days of the sale to maintain a 12 month redemption period. If the tax deed is recorded later than 60 days from the auction date the redemption period is one year from the recorded date. A penalty rate of 12% is applied to the redemption of all tax deeds. If the property owner does not pay all delinquent taxes, interest, penalties, and fees by the end of the 12 month period the tax collector or tax collector's assistant shall execute the process of terminating redemption rights.
Hawaii has a 12% penalty rate for the first year. The penalty rate is paid on the amount paid by the purchaser, plus an additional fee for recording the tax deed. If a deed is not recorded within 60 days of the sale, the interest shall not be added for the extended redemption period.
Hawaii uses the Premium Bid method. The starting bid will include all back taxes, penalties, interest, and administrative costs. The deed will be bid up in price until a high bid has been established. The investor bidding the highest amount will receive the deed to the property.
Tax sales in Hawaii are very similar to those conducted in a tax lien state. The county tax collector or treasurer oversees the tax sales. Tax deeds sold in Hawaii are purchased with a one year right of redemption. Tax deeds must be recorded with the county within 60 days of the sale to maintain a 12 month redemption period. If the tax deed is recorded later than 60 days from the auction date the redemption period is one year from the recorded date. A penalty rate of 12% is applied to the redemption of all tax deeds. If the property owner does not pay all delinquent taxes, interest, penalties, and fees by the end of the 12 month period the tax collector or tax collector's assistant shall execute the process of terminating redemption rights.
Hawaii has a 12% penalty rate for the first year. The penalty rate is paid on the amount paid by the purchaser, plus an additional fee for recording the tax deed. If a deed is not recorded within 60 days of the sale, the interest shall not be added for the extended redemption period.
Hawaii uses the Premium Bid method. The starting bid will include all back taxes, penalties, interest, and administrative costs. The deed will be bid up in price until a high bid has been established. The investor bidding the highest amount will receive the deed to the property.
- In Hawaii there are two main areas to invest in, the west and the east. According to local facts, the west area has more property that can be accessed.
- There are very few tax deed properties available in this state, but when there are auctions, they usually take place in June, November, and December.
Louisiana
Sale Type: Redemption Tax Deeds
Interest Rate: 12 % + 5% Penalty
Bid Method: Bid Down Interest
Redemption Period: 3 Years
Sale Date(s): January - April
State Statute(s): Article VII, Sec. 25
Over-the-Counter: No
State Website: http://www.louisiana.gov/
Interest Rate: 12 % + 5% Penalty
Bid Method: Bid Down Interest
Redemption Period: 3 Years
Sale Date(s): January - April
State Statute(s): Article VII, Sec. 25
Over-the-Counter: No
State Website: http://www.louisiana.gov/
Louisiana State Overview
Louisiana is classified as a Redemption Deed State. The municipal or parish tax collector oversees the sale which is an oral public auction. Tax deeds are sold with a 3 year right of redemption. Investors receive a rate of return of 1% per month, or 12% annually. Investors also receive a penalty rate of 5% upon redemption, making the annual rate a return of 17%. If the property owner does not pay all delinquent taxes, interest, penalties, and fees by the end of the 36 month period, the right to redeem the property will be forfeited.
Tax deeds are awarded to the investor who bids down to the lowest percentage of ownership in the property. Louisiana"s State statutes are based on a French law called the Napoleonic Code instead of the English common law used in almost every other state. Because of this difference, it can make the statutes difficult to understand and often confusing.
There is a 12% annual rate of return or a 1% per month return in Louisiana. The state also mandates a flat penalty rate of 5% due to the deed holder upon property redemption. The overall rate of return an investor receives is determined by the redemption date. A property redeemed after 1 month would yield an interest rate of 72% (1% + 5% penalty X 12 months), while a property that redeemed after 35 months would yield a return of 13.7%.
Louisiana uses a bid down ownership method. Investors compete by bidding down how much property ownership backs the redemption deed or tax lien. Using this system requires a lien holder to file a court action to prosecute the foreclosure in order to sell the property. The proceeds would then be divided based on the percentage of the ownership held.
Louisiana is classified as a Redemption Deed State. The municipal or parish tax collector oversees the sale which is an oral public auction. Tax deeds are sold with a 3 year right of redemption. Investors receive a rate of return of 1% per month, or 12% annually. Investors also receive a penalty rate of 5% upon redemption, making the annual rate a return of 17%. If the property owner does not pay all delinquent taxes, interest, penalties, and fees by the end of the 36 month period, the right to redeem the property will be forfeited.
Tax deeds are awarded to the investor who bids down to the lowest percentage of ownership in the property. Louisiana"s State statutes are based on a French law called the Napoleonic Code instead of the English common law used in almost every other state. Because of this difference, it can make the statutes difficult to understand and often confusing.
There is a 12% annual rate of return or a 1% per month return in Louisiana. The state also mandates a flat penalty rate of 5% due to the deed holder upon property redemption. The overall rate of return an investor receives is determined by the redemption date. A property redeemed after 1 month would yield an interest rate of 72% (1% + 5% penalty X 12 months), while a property that redeemed after 35 months would yield a return of 13.7%.
Louisiana uses a bid down ownership method. Investors compete by bidding down how much property ownership backs the redemption deed or tax lien. Using this system requires a lien holder to file a court action to prosecute the foreclosure in order to sell the property. The proceeds would then be divided based on the percentage of the ownership held.
- Tax Sale Type: Hybrid Tax Deed (Sec. 47:2183).
- Contact: (Sec. 47:2182).
- Interest Rate and/or Penalty Rate: 12% per annum plus 5% penalty. (Sec 47:2224.).
- Bid Procedure: Premium bid / highest bid.(Sec. 47:2183).
- Redemption Period: Three (3) years. (Sec. 47:2183 (a)).
- Law: Louisiana Constitution, Title 47, Subtitle III, Chapter 5, "Tax Sales and Redemptions."
- Record the Tax Deed. According to (Sec. 47:2183 (A)) the purchaser must file the deed 'for record in the conveyance office in the parish in which the property is situated.' to begin the countdown of home owners three (3) year right to redeem.
- Obtaining a writ of possession. Louisiana is unique in that the purchaser of the hybrid tax deed can request immediate possession of the property before the expiration of the home owners three (3) year right to redeem has expired.
Texas
Sale Type: Redeemable Tax Deed
Interest Penalty: 25% Penalty per 6 Month Period
Bid Method: Premium Bid
Redemption Period: 6 Months or 2 Years
Sale Date(s): First Tuesday of Every Month
Statute Section(s): Ch 34, Tax Sales and Redemption - Sec 34.01
Over-the-Counter: Yes - Struck Off, Trustee, or Land Trust Properties
Texas State Website: http://www.texas.gov/en/Pages/default.aspx
Texas County Website: http://www.texascounties4u.org/websites.html
Interest Penalty: 25% Penalty per 6 Month Period
Bid Method: Premium Bid
Redemption Period: 6 Months or 2 Years
Sale Date(s): First Tuesday of Every Month
Statute Section(s): Ch 34, Tax Sales and Redemption - Sec 34.01
Over-the-Counter: Yes - Struck Off, Trustee, or Land Trust Properties
Texas State Website: http://www.texas.gov/en/Pages/default.aspx
Texas County Website: http://www.texascounties4u.org/websites.html
Texas State Overview
Texas is a popular state because as they say "everything is bigger in Texas." Texas offers one of the highest, if not the highest, interest rates available of all 50 states. After the first year you may make 50% penalty interest on your investment. Many of the counties in Texas use law firms to handle their back taxes and sale of redeemable tax deeds. You can find the main law firms that handle Texas here:
Texas is a popular state because as they say "everything is bigger in Texas." Texas offers one of the highest, if not the highest, interest rates available of all 50 states. After the first year you may make 50% penalty interest on your investment. Many of the counties in Texas use law firms to handle their back taxes and sale of redeemable tax deeds. You can find the main law firms that handle Texas here:
- Perdue Brandon Fielder Collins & Mott LLP, Attorneys at Law www.pbfcm.com
- Linebarger Goggan Blair & Sampson, LLP, Attorneys at Law www.publicans.com
- Ray, Wood, and Bonilla http://www.rwblaw.net/
- McCreary, Veselka, Bragg & Allen, P.C., Attorneys at Law www.mvbalaw.com