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Idaho
Sale Type: Tax Deed
Interest Rate: N/A
Bid Method: Premium Bid
Sale Date(s): Summer
Statute Section(s): Title 31, CH. 8, Title 63, CH. 10
Over-the-Counter: Yes
State Website: http://www.idaho.gov/
Interest Rate: N/A
Bid Method: Premium Bid
Sale Date(s): Summer
Statute Section(s): Title 31, CH. 8, Title 63, CH. 10
Over-the-Counter: Yes
State Website: http://www.idaho.gov/
Idaho State Overview
Idaho utilizes a tax deed system to collect delinquent property taxes. If the property taxes have not been paid by the property owner for a period of three years the county tax collector will create a tax deed. Idaho uses a premium bidding system with the board of county commissioners reserving the right to reject any and all bids. The minimum bid is determined by the county commissioners, but is based on a recommendation given by the county treasurer. The minimum bid consists of all delinquent taxes, penalties, interests, pending issue fees, recording fees, and publication costs for notice of the sale.
Idaho has oral bids at all tax sales. The bidding process is a Premium Bid method. Bidding begins at the set starting or minimal bid. The minimum bid is determined by the county commissioners, but is based on a recommendation given by the county treasurer. The minimum bid consists of the delinquent taxes with penalty and interest certification and special assessments, pending issue fees, recording fees, and publication costs for notice of sale. The property is bid up in price until a high bid is established. The highest bidder receives the deed to the property. In Idaho, the tax collector or treasurer will sell tax deeds to the winning bidders at the delinquent property tax sale.
Idaho utilizes a tax deed system to collect delinquent property taxes. If the property taxes have not been paid by the property owner for a period of three years the county tax collector will create a tax deed. Idaho uses a premium bidding system with the board of county commissioners reserving the right to reject any and all bids. The minimum bid is determined by the county commissioners, but is based on a recommendation given by the county treasurer. The minimum bid consists of all delinquent taxes, penalties, interests, pending issue fees, recording fees, and publication costs for notice of the sale.
Idaho has oral bids at all tax sales. The bidding process is a Premium Bid method. Bidding begins at the set starting or minimal bid. The minimum bid is determined by the county commissioners, but is based on a recommendation given by the county treasurer. The minimum bid consists of the delinquent taxes with penalty and interest certification and special assessments, pending issue fees, recording fees, and publication costs for notice of sale. The property is bid up in price until a high bid is established. The highest bidder receives the deed to the property. In Idaho, the tax collector or treasurer will sell tax deeds to the winning bidders at the delinquent property tax sale.
- Tax Sale Type: Tax Deed (Sec. 31-808).
- Contact: Tax collector (Sec. 31-2102).
- Interest Rate and/or Penalty Rate: Not applicable.
- Bid Procedure: Premium bid / highest bid (Sec. 31-808 (1)).
- Redemption Period: Not applicable.
- Law: Idaho Code, Title 31, Chapter 8, "Powers and Duties of Board of Commissioners," and Title 63, Chapter 10, "Collection of Delinquency on Real, Personal, and Operating Property."
- In Idaho most liens on the property are excused through the tax sale, except for any lien holders that were not noticed.
- The county commissioner determines the minimum bid, which is most often the amount owed ont he property and many more random fees associated with the sale and the property being delinquent.
Indiana
Sale Type: Tax Deed
Interest Rate: 10% Penalty 1st 6 months, 15% Penalty 2nd 6 months
Bid Method: Premium Bid
Redemption Period: 1 Year
Sale Date(s): Varies by county (August - October)
Statute Section(s): Title 6, Artical 1.1, CH 24
Over-the-Counter: No
Interest Rate: 10% Penalty 1st 6 months, 15% Penalty 2nd 6 months
Bid Method: Premium Bid
Redemption Period: 1 Year
Sale Date(s): Varies by county (August - October)
Statute Section(s): Title 6, Artical 1.1, CH 24
Over-the-Counter: No
Indiana State Overview
Indiana is classified as a tax lien state. Prior to July 1st of each year the county treasurer will notify the county auditor of all delinquent properties eligible for the annual sale. Tax sales are usually conducted between August through November. The tax sale is conducted as an oral public auction. Tax liens are purchased with a one year right of redemption with an interest rate ranging from 10%-15%. If the property owner does not pay all delinquent taxes, interest, penalties, and fees by the end of the twelve month period, the investor may begin the process of obtaining a tax deed. The lien holder must begin the foreclosure process within nine months of the sale date. A tax deed may be obtained 1 year after the date of sale, but no later than 6 months after the expiration of the redemption period.
Indiana's interest rate of return ranges from 10% -15% depending on when it is redeemed. This rate is a penalty which is a flat rate and does not accrue with time. A rate of 10% applies to properties redeemed within 6 months of the sale and 15% for properties redeemed after 6 months, but no more than 1 year.
Indiana uses the Premium Bid method. The counties starting bid will include all back taxes, penalties, interest, and administrative cost. The lien is bid up in price with the investor bidding the highest amount receiving the tax lien certificate. The difference between the minimum bid, and the successful bid price is known as the tax Sale Overbid. This money goes into a tax sale surplus fund and may be claimed by either the former property owner who lost ownership rights or the tax lien certificate holder if the property redeems.
The foreclosure process in Indiana is outlined as follows:
Uncontested Foreclosure: 4½ - 6 months minimum.
Tax Sale Type: Tax Lien Certificate (Sec. 6-1.1-24-9 ).
Contact: County Treasurer. (Sec. 6-1.1-24-5(e) ).
Interest Rate and/or Penalty Rate: 10% to 15% penalty. (Sec. 6-1.1-25-2 ).
Bid Procedure: The highest or greatest bid. (Sec. 6-1.1-24-5 ).
Redemption Period: One year. (Sec. 6-1.1-25-4 ).
Law: Indiana Code, Title 6, Article 1.1, Chapter 24, "Sale of Real Property When Taxes or Special Assessments Become Delinquent," and Chapter 25, "Redemption of and Tax Deeds for Real Property Sold for Delinquent Taxes and Special Assessments."
Additional Notes:Penalty interest rate paid upon redemption The tax lien certificate holder will receive a 10% to 15% penalty, depending on when the home owner exercises his or her right to redeem. According to (Sec. 6-1.1-25-2 ) when redeemed, the home owner will have to pay as follows:
For the minimum bid (delinquent taxes, special assessments, etc.):
Consquently, according to (Sec. 6-1.1-25-7 (a) ) if the purchaser 'fails to file the petition within the period provided in section 4.6 of this chapter, that person's lien against the real property terminates at the end of that period.'
In addition, according to (Sec. 6-1.1-25-7 (b) ):
'If the notice under section 4.5 of this chapter is not given within the period specified in section 4.5(a)(3) or 4.5(c)(3) of this chapter, the lien of the: (1) purchaser of the property; or (2) purchaser of the certificate of sale under IC 6-1.1-24; against the real property terminates at the end of that period.''Notice' according to (Sec. 6-1.1-25-4.5 ) includes a notice 'not later than ninety (90) days after the date of sale of the certificate' and a second notice ' not later than nine (9) months after the date of the sale'.
Indiana is classified as a tax lien state. Prior to July 1st of each year the county treasurer will notify the county auditor of all delinquent properties eligible for the annual sale. Tax sales are usually conducted between August through November. The tax sale is conducted as an oral public auction. Tax liens are purchased with a one year right of redemption with an interest rate ranging from 10%-15%. If the property owner does not pay all delinquent taxes, interest, penalties, and fees by the end of the twelve month period, the investor may begin the process of obtaining a tax deed. The lien holder must begin the foreclosure process within nine months of the sale date. A tax deed may be obtained 1 year after the date of sale, but no later than 6 months after the expiration of the redemption period.
Indiana's interest rate of return ranges from 10% -15% depending on when it is redeemed. This rate is a penalty which is a flat rate and does not accrue with time. A rate of 10% applies to properties redeemed within 6 months of the sale and 15% for properties redeemed after 6 months, but no more than 1 year.
Indiana uses the Premium Bid method. The counties starting bid will include all back taxes, penalties, interest, and administrative cost. The lien is bid up in price with the investor bidding the highest amount receiving the tax lien certificate. The difference between the minimum bid, and the successful bid price is known as the tax Sale Overbid. This money goes into a tax sale surplus fund and may be claimed by either the former property owner who lost ownership rights or the tax lien certificate holder if the property redeems.
The foreclosure process in Indiana is outlined as follows:
Uncontested Foreclosure: 4½ - 6 months minimum.
- Filing of the Complaint
- Service of process on the debtor: occurs in 5-10 days unless service by publication
- Application for default judgment: can be sought 21-24 days after service of process
- Entry of default judgment and decree of foreclosure: should occur within approximately 30 days after the Application is filed.
- Praecipe for Sheriff's sale, including notice of same: by statute, cannot be filed until 3 months after the Complaint.
- Sheriff's sale: happens about 45-90 days from Praecipe, depending on the county.
- Filing of the Complaint
- Service of process on the debtor: occurs in 5-10 days unless service by publication.
- Appearance of debtor's attorney and motion for one or more 30-day extensions of time to respond to the complaint: filed 20-23 days after service of process.
- Answer to Complaint: filed 30 days after filing of Appearance and expiration of last motion for extension5. Motion for summary judgment: can be filed immediately after the filing of the Answer.
- Objection to motion for summary judgment: due 30 days after the filing of the motion for summary judgment.
- Summary judgment hearing: usually held 75-120 days after the motion is filed.
- Entry of judgment and decree of foreclosure: occurs on day of hearing, or soon thereafter, unless the motion is vigorously contested with viable defenses.
- Praecipe for Sheriff's sale: can be submitted immediately after the entry of judgment assuming more than 3 months have passed since the complaint was filed.
- Sheriff's sale: takes place 45-90 days from Praecipe, depending on the county.
Tax Sale Type: Tax Lien Certificate (Sec. 6-1.1-24-9 ).
Contact: County Treasurer. (Sec. 6-1.1-24-5(e) ).
Interest Rate and/or Penalty Rate: 10% to 15% penalty. (Sec. 6-1.1-25-2 ).
Bid Procedure: The highest or greatest bid. (Sec. 6-1.1-24-5 ).
Redemption Period: One year. (Sec. 6-1.1-25-4 ).
Law: Indiana Code, Title 6, Article 1.1, Chapter 24, "Sale of Real Property When Taxes or Special Assessments Become Delinquent," and Chapter 25, "Redemption of and Tax Deeds for Real Property Sold for Delinquent Taxes and Special Assessments."
Additional Notes:Penalty interest rate paid upon redemption The tax lien certificate holder will receive a 10% to 15% penalty, depending on when the home owner exercises his or her right to redeem. According to (Sec. 6-1.1-25-2 ) when redeemed, the home owner will have to pay as follows:
For the minimum bid (delinquent taxes, special assessments, etc.):
- (110%) of the minimum bid if redeemed 'not more than six (6) months after the date of sale; or'
- (115%) of the minimum bid if redeemed 'more than six (6) months but not more than one (1) year after the date of the sale.'
- 'plus ten percent (10%) per annum on the amount by which the purchase price exceeds the minimum bid on the property.'
Consquently, according to (Sec. 6-1.1-25-7 (a) ) if the purchaser 'fails to file the petition within the period provided in section 4.6 of this chapter, that person's lien against the real property terminates at the end of that period.'
In addition, according to (Sec. 6-1.1-25-7 (b) ):
'If the notice under section 4.5 of this chapter is not given within the period specified in section 4.5(a)(3) or 4.5(c)(3) of this chapter, the lien of the: (1) purchaser of the property; or (2) purchaser of the certificate of sale under IC 6-1.1-24; against the real property terminates at the end of that period.''Notice' according to (Sec. 6-1.1-25-4.5 ) includes a notice 'not later than ninety (90) days after the date of sale of the certificate' and a second notice ' not later than nine (9) months after the date of the sale'.
Kansas
Sale Type: Tax Deed
Bid Method: Highest Bidder
Sale Date(s): Annually (Varies by county)
State Statute(s): CH 79, Article 23,24,28
Over-the-Counter: Yes
State Website: http://www.kansas.gov/
Bid Method: Highest Bidder
Sale Date(s): Annually (Varies by county)
State Statute(s): CH 79, Article 23,24,28
Over-the-Counter: Yes
State Website: http://www.kansas.gov/
Kansas State Overview
Kansas is classified as a tax deed state. Tax sales are usually between the months of August and October. The counties publicize the tax sales in local newspapers approximately 10 days prior the sale. Some counties require bidders to pre-register prior to the tax sale. The minimum bid normally consists of all back taxes, penalties, interest and any costs. Some counties even allow the starting bid to begin below the tax lien amount or set no minimum bid at all. Tax deeds are sold to the person bidding the highest amount above the minimum bid.
Kansas uses the " Premium Bid" method. Counties determine the starting bid by the combined total of all delinquent taxes, penalties, interest, and costs.Tax deeds are bid up in price until a high bid is established. Tax deeds are sold to the highest bidder.
In Kansas, the County Sheriff or Tax Collector will auction and sell tax deeds to the winning bidders. The winning bidder is the one with the highest bid.
Kansas is classified as a tax deed state. Tax sales are usually between the months of August and October. The counties publicize the tax sales in local newspapers approximately 10 days prior the sale. Some counties require bidders to pre-register prior to the tax sale. The minimum bid normally consists of all back taxes, penalties, interest and any costs. Some counties even allow the starting bid to begin below the tax lien amount or set no minimum bid at all. Tax deeds are sold to the person bidding the highest amount above the minimum bid.
Kansas uses the " Premium Bid" method. Counties determine the starting bid by the combined total of all delinquent taxes, penalties, interest, and costs.Tax deeds are bid up in price until a high bid is established. Tax deeds are sold to the highest bidder.
In Kansas, the County Sheriff or Tax Collector will auction and sell tax deeds to the winning bidders. The winning bidder is the one with the highest bid.
- Tax Sale Type: Tax Deed (Sec. 79-2804).
- Contact: The Sheriff or Tax Collector. (Sec. 79-2804).
- Interest Rate and/or Penalty Rate: Not applicable.
- Bid Procedure: Premium bid / highest bid. (Sec. 79-2804).
- Redemption Period: Not applicable.
- Law: Kansas Statutes, Chapter 79, Article 23, "Sale of Real Estate for Taxes," Article 24, "Redemption of Real Estate," and Article 28, "Judicial Foreclosure and Sale of Real Estate by County."
- In Kansas the bidding usually starts at the amount owed on the property, and sometimes even less. They occasionally have auctions where there is no minimum bid.