Alaska
Sale Type: Tax Deed
Interest Rate: N/A
Bid Method: Varies by Municipality
Redemption Period: 1 year minimum
Sale Date(s): Varies by Municipality
Statute Section(s): Title 29, CH 45, Artical 2
Over-the-Counter: County - NO State -YES
State Website: http://www.state.ak.us/
Interest Rate: N/A
Bid Method: Varies by Municipality
Redemption Period: 1 year minimum
Sale Date(s): Varies by Municipality
Statute Section(s): Title 29, CH 45, Artical 2
Over-the-Counter: County - NO State -YES
State Website: http://www.state.ak.us/
Alaska State Overview
Alaska is classified as a tax deed state and handles tax sales through boroughs rather than counties. Every year the tax collector will issue tax lien certificates on delinquent properties and send them directly to the county for filing. One year from the time the tax lien was originally issued the tax lien is eligible for sale. The borough then may sell the property in accordance with the procedures set by the individual municipalities. Many boroughs use a premium bid or a sealed bid method to conduct sales. Prior to the auction the tax collector is required to send certified letters to the last recorded address of the owner and any other party with interest in the property.
A list of properties available for the upcoming auction will be listed in the local newspaper prior to the sale. The property owners may redeem the property up to the day before the auction by paying all delinquent taxes, penalties and fees. The tax sale may be referred to as tax deed sales, land sales, or tax foreclosure sales, depending on the borough or city municipalities.
Alaska uses different methods within the state to conduct tax sale auctions. To determine the bidding method used, you will need to contact the borough municipalities. Many boroughs will allow you to register the day of the sale. Upon registering you will be given a bidding number which you will use to bid. Tax deeds are awarded to the highest bidder.
The two most commonly used methods of buying tax foreclosure deeds in the burroughs of Alaska are the "Premium Bid" and the "Sealed Bid". The Premium Bid includes all delinquent taxes, penalties, interest, and administrative costs. Property will be bid up in price until a high bid is established. The highest bidder is awarded the deed to the property. To use the Sealed Bid method, you must download or pick up the required county form and submit you bid. It must be received before the day of the sale to be valid.
Alaska is classified as a tax deed state and handles tax sales through boroughs rather than counties. Every year the tax collector will issue tax lien certificates on delinquent properties and send them directly to the county for filing. One year from the time the tax lien was originally issued the tax lien is eligible for sale. The borough then may sell the property in accordance with the procedures set by the individual municipalities. Many boroughs use a premium bid or a sealed bid method to conduct sales. Prior to the auction the tax collector is required to send certified letters to the last recorded address of the owner and any other party with interest in the property.
A list of properties available for the upcoming auction will be listed in the local newspaper prior to the sale. The property owners may redeem the property up to the day before the auction by paying all delinquent taxes, penalties and fees. The tax sale may be referred to as tax deed sales, land sales, or tax foreclosure sales, depending on the borough or city municipalities.
Alaska uses different methods within the state to conduct tax sale auctions. To determine the bidding method used, you will need to contact the borough municipalities. Many boroughs will allow you to register the day of the sale. Upon registering you will be given a bidding number which you will use to bid. Tax deeds are awarded to the highest bidder.
The two most commonly used methods of buying tax foreclosure deeds in the burroughs of Alaska are the "Premium Bid" and the "Sealed Bid". The Premium Bid includes all delinquent taxes, penalties, interest, and administrative costs. Property will be bid up in price until a high bid is established. The highest bidder is awarded the deed to the property. To use the Sealed Bid method, you must download or pick up the required county form and submit you bid. It must be received before the day of the sale to be valid.
Arkansas
Sale Type: Tax Deed
Bid Method: Premium Bid
Sale Date(s): Year Round
State Statute(s): Title 26, Sub Title 4, CH 37
Over-the-Counter: http://www.cosl.org/
Bid Method: Premium Bid
Sale Date(s): Year Round
State Statute(s): Title 26, Sub Title 4, CH 37
Over-the-Counter: http://www.cosl.org/
Arkansas State Overview
Arkansas is classified as a tax deed state. Tax sales are determined by the county and are held throughout the year. Investors will need to register before the auction, but in most counties you will be able to register the day of the auction. The starting bid on most tax deed properties is required by state law to be the assessed value given of the property based on the county's assessment. The assessed value is approximately 20% of the property's actual value. When the amount is combined with the delinquent taxes from the previous years, the beginning bid is usually 20% - 30% of the actual value. Tax deeds purchased may be redeemed by the previous owner up to 30 days after the sale. If a property has been redeemed, the investor will receive full refund of the purchased price. Property owners are given 2 years of tax delinquency before the county will foreclose on the property and take possession of the land.
Arkansas conducts tax sales through an oral auction. Investors will need to register before the auction to participate in the auction. They will be given a bidder number, which they will use for the auction. The starting bid on most tax deeds will be the assessed value given of the property based on the county's assessment. The assessment value is approximately 20% of the properties actual value. Deeds are bid up in price until a high bid has been established. The highest bidder is awarded the deed to the property.
Arkansas holds a Premium Bid method. The starting bid includes all delinquent taxes, penalties and administrative cost. The property is bid up in price until a high bid is established. The top bidder receives the deed to the property. Investors can also place bids through the mail by a sealed bid. All bids must be mailed to the commissioner of state lands.
Arkansas is classified as a tax deed state. Tax sales are determined by the county and are held throughout the year. Investors will need to register before the auction, but in most counties you will be able to register the day of the auction. The starting bid on most tax deed properties is required by state law to be the assessed value given of the property based on the county's assessment. The assessed value is approximately 20% of the property's actual value. When the amount is combined with the delinquent taxes from the previous years, the beginning bid is usually 20% - 30% of the actual value. Tax deeds purchased may be redeemed by the previous owner up to 30 days after the sale. If a property has been redeemed, the investor will receive full refund of the purchased price. Property owners are given 2 years of tax delinquency before the county will foreclose on the property and take possession of the land.
Arkansas conducts tax sales through an oral auction. Investors will need to register before the auction to participate in the auction. They will be given a bidder number, which they will use for the auction. The starting bid on most tax deeds will be the assessed value given of the property based on the county's assessment. The assessment value is approximately 20% of the properties actual value. Deeds are bid up in price until a high bid has been established. The highest bidder is awarded the deed to the property.
Arkansas holds a Premium Bid method. The starting bid includes all delinquent taxes, penalties and administrative cost. The property is bid up in price until a high bid is established. The top bidder receives the deed to the property. Investors can also place bids through the mail by a sealed bid. All bids must be mailed to the commissioner of state lands.
Arizona
Sale Type: Tax Lien Certificates
Interest Rate: 16 % APR
Bid Method: Bid down interest rate
Redemption Period: 3 Years
Sale Date(s): February
Statute Section(s): Title 42, CH 18
Over-the-Counter: Yes
State Website: http://www.az.gov/
Interest Rate: 16 % APR
Bid Method: Bid down interest rate
Redemption Period: 3 Years
Sale Date(s): February
Statute Section(s): Title 42, CH 18
Over-the-Counter: Yes
State Website: http://www.az.gov/
Arizona State Overview
Arizona utilizes tax lien certificates to collect delinquent property taxes. Investors are drawn to Arizona due to the 16 percent interest rate. Investing is made simple in Arizona because most of the counties make the lists available online and provide online resources for researching.
Tax lien sales are held annually in the month of February. It is required that investors register before the auction starts, and in most cases the counties will allow you to register the day of the auction. When registered, the investors will be given a bidder number, which will be used to identify the investor during the tax lien sale.
Arizona has a redemption period of 3 years. The bidding process is a Bid Down Interest, which allows bidders to compete by lowering the rate of return they are willing to accept.
Arizona rate of return is 16% on Tax Lien Certificates. Property owners have a 3 year period to repay the delinquent taxes and penalties. Any time after the redemption period, but not exceeding 10 years, the investor may initiate foreclosure with the superior court in the county that the property is located in.
Bid Down Interest - Bidders compete through lowering their acceptable interest rate of return. Bidders will pay the combined total of all delinquent property taxes, penalties and fees.
Arizona utilizes tax lien certificates to collect delinquent property taxes. Investors are drawn to Arizona due to the 16 percent interest rate. Investing is made simple in Arizona because most of the counties make the lists available online and provide online resources for researching.
Tax lien sales are held annually in the month of February. It is required that investors register before the auction starts, and in most cases the counties will allow you to register the day of the auction. When registered, the investors will be given a bidder number, which will be used to identify the investor during the tax lien sale.
Arizona has a redemption period of 3 years. The bidding process is a Bid Down Interest, which allows bidders to compete by lowering the rate of return they are willing to accept.
Arizona rate of return is 16% on Tax Lien Certificates. Property owners have a 3 year period to repay the delinquent taxes and penalties. Any time after the redemption period, but not exceeding 10 years, the investor may initiate foreclosure with the superior court in the county that the property is located in.
Bid Down Interest - Bidders compete through lowering their acceptable interest rate of return. Bidders will pay the combined total of all delinquent property taxes, penalties and fees.
California
Method of Sales: Tax Deeds
Bid Style: Premium Bid
Auctioning Period: Spring (Varies by County)
Governing Statutes: Div 1, Part 6,7,7.5
Over-the-Counter: No
Website for CA: http://www.ca.gov/
Bid Style: Premium Bid
Auctioning Period: Spring (Varies by County)
Governing Statutes: Div 1, Part 6,7,7.5
Over-the-Counter: No
Website for CA: http://www.ca.gov/
California State Overview
California uses a tax deed auction method to collect delinquent real property taxes. Tax sales in California are typically held in the early spring months, but this may vary depending on the particular counties. Registration is required to attend auctions, and must be completed prior to participating in the auction. Most counties require registration at least 2 weeks or more prior to the date of the auction- and a required deposit is also quite common. The minimum bids are subject to a minimum price requirement, which is determined by the county prior to the sales day.
Many of the counties in California are holding their tax deed auctions on the online bidding site bid4assets.com. This is good and bad news depending on how you look at tax delinquent real property investing. Some of the largest tax deed auctions occur in this state in Orange County, San Francisco County, and San Diego County. The L.A. County Tax Deed Sale is one of the most popular auctions in the world.
Most hold their sales in the Springtime, but can be held year round with sale dates being set by the individual county. Investors will need to register prior to the date of the sale. Auctions are conducted through an oral bidding process. The county determines the minimum bid on the properties.
Because of California code (CA GC6254.21), property owner names are usually not disclosed over the phone or on the internet. This may make research more difficult. Many California title companies are available and able to assist with this type of records and parcel data research.
California uses a Premium Bid method. The starting bid includes all delinquent taxes, penalties, and administrative cost and also may include the minimum selling price set by the county. The property is bid up until a high bid has been established. The top bidder receives the deed to the property. There are two other methods which are rarely used, the first is the "Sealed Bid" and second the "Agreement Sale".
In California, the tax collector or treasurer will sell tax deeds to the winning bidder at the delinquent property tax sale.
California uses a tax deed auction method to collect delinquent real property taxes. Tax sales in California are typically held in the early spring months, but this may vary depending on the particular counties. Registration is required to attend auctions, and must be completed prior to participating in the auction. Most counties require registration at least 2 weeks or more prior to the date of the auction- and a required deposit is also quite common. The minimum bids are subject to a minimum price requirement, which is determined by the county prior to the sales day.
Many of the counties in California are holding their tax deed auctions on the online bidding site bid4assets.com. This is good and bad news depending on how you look at tax delinquent real property investing. Some of the largest tax deed auctions occur in this state in Orange County, San Francisco County, and San Diego County. The L.A. County Tax Deed Sale is one of the most popular auctions in the world.
Most hold their sales in the Springtime, but can be held year round with sale dates being set by the individual county. Investors will need to register prior to the date of the sale. Auctions are conducted through an oral bidding process. The county determines the minimum bid on the properties.
Because of California code (CA GC6254.21), property owner names are usually not disclosed over the phone or on the internet. This may make research more difficult. Many California title companies are available and able to assist with this type of records and parcel data research.
California uses a Premium Bid method. The starting bid includes all delinquent taxes, penalties, and administrative cost and also may include the minimum selling price set by the county. The property is bid up until a high bid has been established. The top bidder receives the deed to the property. There are two other methods which are rarely used, the first is the "Sealed Bid" and second the "Agreement Sale".
In California, the tax collector or treasurer will sell tax deeds to the winning bidder at the delinquent property tax sale.
- Tax Sale Type: Tax Deed (Sec. 3708).
- Contact: Tax collector or treasurer (Sec. 3371).
- Bid Procedure: Premium bid/highest bidder (Sec. 3693 (a)).
- Redemption Period: N/A (Sec. 3707).
- Law: California Revenue and Taxation Code, Division 1, Part 6, "Tax Sales," Part 7, "Redemption," and Part 7.5, "Tax Certificates."
Connecticut
Sale Type: Hybrid
Interest Rate: 18% APR
Bid Method: Premium Bid
Redemption Period: 1 Year
Sale Date(s): June
Statute Section(s): Title 12, CH 204, 205
Over-the-Counter: No
Interest Rate: 18% APR
Bid Method: Premium Bid
Redemption Period: 1 Year
Sale Date(s): June
Statute Section(s): Title 12, CH 204, 205
Over-the-Counter: No
Connecticut State Overview
In Connecticut the local tax collector oversees the sale which is conducted through oral public auction. Tax sales are held throughout the year which is determined by the counties and municipalities. Tax sales are published in a local newspaper several weeks prior to the sale. Tax deeds sold in Connecticut are purchased with a one year right of redemption. Within a couple weeks after the sale, the investor will receive a deed to the property from the tax collector. The deed will be stored unrecorded for a period of one year from the date of the sale. if the property owner does not pay all delinquent taxes, interest, penalties, and fees by the end of the twelve month redemption period, all redemption rights are terminated and the purchaser takes possession.
Connecticut uses a Premium Bid type method. The counties bid will include the back taxes, penalties, interest, and ay administrative cost. the deed will be bid up in price until a high bid has been established. The investor with the highest bid, receives the deed to the property.
In Connecticut, the tax collector or treasurer will sell hybrid tax deeds to the winning bidders at the delinquent property tax sale.
In Connecticut the local tax collector oversees the sale which is conducted through oral public auction. Tax sales are held throughout the year which is determined by the counties and municipalities. Tax sales are published in a local newspaper several weeks prior to the sale. Tax deeds sold in Connecticut are purchased with a one year right of redemption. Within a couple weeks after the sale, the investor will receive a deed to the property from the tax collector. The deed will be stored unrecorded for a period of one year from the date of the sale. if the property owner does not pay all delinquent taxes, interest, penalties, and fees by the end of the twelve month redemption period, all redemption rights are terminated and the purchaser takes possession.
Connecticut uses a Premium Bid type method. The counties bid will include the back taxes, penalties, interest, and ay administrative cost. the deed will be bid up in price until a high bid has been established. The investor with the highest bid, receives the deed to the property.
In Connecticut, 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. 12-157).
- Contact: Tax collector or treasurer (Sec. 12-155).
- Interest Rate and/or Penalty Rate: 18% per annum (Sec. 12-157 (f)).
- Bid Procedure: Premium bid/highest bidder(Sec. 12-157 (c)).
- Redemption Period: Six months or sixty days (Sec. 12-157 (f)).
- Law: Title 12, Chapter 204 (Local Levy and Collection of Taxes) and Chapter 205 (Municipal Tax Liens).
Delaware
Sale Type: Hybrid - Tax Deed w/ Redemption Period
Interest Rate: 15% Penalty
Bid Method: Premium Bid
Redemption Period: 60 Days
Sale Date(s): Year Round (Varies by county)
State Statute(s): Title 9, CH 87
Over-the-Counter: No
State Website: http://delaware.gov/
Interest Rate: 15% Penalty
Bid Method: Premium Bid
Redemption Period: 60 Days
Sale Date(s): Year Round (Varies by county)
State Statute(s): Title 9, CH 87
Over-the-Counter: No
State Website: http://delaware.gov/
Delaware State Overview
There are 3 counties in Delaware, which hold tax deed sales. Tax sales are conducted by the county sheriff. The minimum bid is the amount of past due taxes, interest, costs, and penalties. The finance department or the chief county financial officer approves or disapproves the final bid at a sale made by the Sheriff.
Delaware uses the Premium Bid Method. The counties bid will include the back taxes, penalties, interest, and any administrative costs. The deed will be bid up in price until a high bid has been established. The investor with the highest bid receives the deed to the property.
The redemption period in Delaware is 60 days from the time of the sale. If the property owners chooses to redeem the property, he must pay back the full amount of the bid plus the rate of return at 15%.
There are 3 counties in Delaware, which hold tax deed sales. Tax sales are conducted by the county sheriff. The minimum bid is the amount of past due taxes, interest, costs, and penalties. The finance department or the chief county financial officer approves or disapproves the final bid at a sale made by the Sheriff.
Delaware uses the Premium Bid Method. The counties bid will include the back taxes, penalties, interest, and any administrative costs. The deed will be bid up in price until a high bid has been established. The investor with the highest bid receives the deed to the property.
The redemption period in Delaware is 60 days from the time of the sale. If the property owners chooses to redeem the property, he must pay back the full amount of the bid plus the rate of return at 15%.
- The state statutes in Delaware allow the counties more than one way to handle their tax sales. In some counties you will see a 20% interest and a one year redemption, and other will be the way you see above with a 15% interest and 60 day redemption. After the sale the county attorney has to approach the Supreme Court and petition for completion of the sale. The faster the owner pays the delinquent taxes, the greater the return of the investor.
- Sussex County Treasury Division The Circle, P.O. Box 429, Georgetown, DE 19947 Phone: 302-855-7760 Fax: 302-854-5078
- Tax Sale Type: Hybrid Tax Deed (Sec. 8727).
- Contact: Tax collecting authority (Sec. 8773).
- Interest Rate and/or Penalty Rate: 15% penalty (Sec. 8758)
- Bid Procedure: Premium bid/highest bidder (Sec. 8779).
- Redemption Period: 60 days (Sec. 8729).
- Law: Delaware Code, Title 9, Part V, Chapter 87, "Collection of Delinquent Taxes."
Florida
Sale Type: Tax Lien Certificates & Tax Deeds
Interest Rate: 18% minimum of 5%
Bid Method: Bid Down Interest
Redemption Period: 2 Years
Sale Date(s): Annual Lien Sale in May; Year-Round Deed Sales
Statute Section(s): Title 14 Chapter 197
Over-the-Counter: Yes
Interest Rate: 18% minimum of 5%
Bid Method: Bid Down Interest
Redemption Period: 2 Years
Sale Date(s): Annual Lien Sale in May; Year-Round Deed Sales
Statute Section(s): Title 14 Chapter 197
Over-the-Counter: Yes
Florida State Overview
Florida is a hybrid state meaning that each county holds tax lien and tax deed auctions. All counties hold an annual tax lien sale, but the counties sell tax deeds once the unsold tax lien properties have met their two year redemption period. The tax collector generally oversees all delinquent property taxes, interests, penalties and property seizures. Public notices for upcoming auctions are usually advertised in local newspapers about 3 weeks prior to the upcoming sale. Tax lien auctions are an oral or online bidding system wherein the investors compete by bidding down the interest rate. The investor willing to pay all backtaxes, penalties, and fees and then bids the lowest interest rate receives the certificate.
Tax lien investors receive up to an 18% rate of return annually with a guaranteed minimum return of 5% on liens that redeem early. Example, if an investor purchases a tax lien certificate and it is redeemed within 30 days, the rate of return would be the annual rate divided by 12 months. At an interest rate of 18%, a certificate redeemed within 30 days would only yield 1.5%. However, in Florida, if the rate of return of the face value of the certificate is less than 5%, a mandatory rate, or penalty of 5% is guaranteed to the investor if the tax lien is redeemed within 90 days.
The "Bid Down Interest" is the method used in Florida during tax lien auctions. The tax lien certificate amount is set by the combined total of all delinquent taxes, interests, penalties, and costs. Investors will bid down the interest rate of return they are willing to accept in return for paying the certificate cost. Due to Florida's minimum 5% return, bidding can go as low as 1/4%, and still offer investors an above-average return.
Tax lien certificates may be redeemed at any time within 2 years after April 1st of the year of the issuance of the tax certificate. Following the two-year redemption period, the county is able to issue a deed to the property. The county will hold a tax deed sale to determine the new property owner. Bidding will begin with the amount the certificate holder has invested in the property, plus the interest accrued. If the certificate holder is outbid, or if he/she has no interest in gaining ownership of the property, the certificate holder will be reimbursed as if the original property owner had redeemed.
Each county in Florida does one annual tax lien certificate sale and multiple tax deed sales. The county tax collector ususally handles the annual lien sale; the county clerk of the courts usually handles the deed sale. The foreclosure of the lien sale is not "self-executing" this is why all counties have annual lien sales and frequent tax deed sales. The smaller counties usually have deed sales every two or three months, while the larger counties might hold one or more each month.
Florida is a hybrid state meaning that each county holds tax lien and tax deed auctions. All counties hold an annual tax lien sale, but the counties sell tax deeds once the unsold tax lien properties have met their two year redemption period. The tax collector generally oversees all delinquent property taxes, interests, penalties and property seizures. Public notices for upcoming auctions are usually advertised in local newspapers about 3 weeks prior to the upcoming sale. Tax lien auctions are an oral or online bidding system wherein the investors compete by bidding down the interest rate. The investor willing to pay all backtaxes, penalties, and fees and then bids the lowest interest rate receives the certificate.
Tax lien investors receive up to an 18% rate of return annually with a guaranteed minimum return of 5% on liens that redeem early. Example, if an investor purchases a tax lien certificate and it is redeemed within 30 days, the rate of return would be the annual rate divided by 12 months. At an interest rate of 18%, a certificate redeemed within 30 days would only yield 1.5%. However, in Florida, if the rate of return of the face value of the certificate is less than 5%, a mandatory rate, or penalty of 5% is guaranteed to the investor if the tax lien is redeemed within 90 days.
The "Bid Down Interest" is the method used in Florida during tax lien auctions. The tax lien certificate amount is set by the combined total of all delinquent taxes, interests, penalties, and costs. Investors will bid down the interest rate of return they are willing to accept in return for paying the certificate cost. Due to Florida's minimum 5% return, bidding can go as low as 1/4%, and still offer investors an above-average return.
Tax lien certificates may be redeemed at any time within 2 years after April 1st of the year of the issuance of the tax certificate. Following the two-year redemption period, the county is able to issue a deed to the property. The county will hold a tax deed sale to determine the new property owner. Bidding will begin with the amount the certificate holder has invested in the property, plus the interest accrued. If the certificate holder is outbid, or if he/she has no interest in gaining ownership of the property, the certificate holder will be reimbursed as if the original property owner had redeemed.
Each county in Florida does one annual tax lien certificate sale and multiple tax deed sales. The county tax collector ususally handles the annual lien sale; the county clerk of the courts usually handles the deed sale. The foreclosure of the lien sale is not "self-executing" this is why all counties have annual lien sales and frequent tax deed sales. The smaller counties usually have deed sales every two or three months, while the larger counties might hold one or more each month.
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.
Michigan
Sale Type: Tax Deed
Bid Method: High Bid
Sale Date(s): June
State Statute(s): Chapter 211
Over-the-Counter: Yes (State Owned)
Bid Method: High Bid
Sale Date(s): June
State Statute(s): Chapter 211
Over-the-Counter: Yes (State Owned)
Michigan State Overview
In Michigan, the tax collector or treasurer will sell tax deeds to the winning bidders at the delinquent property tax sales.
In Michigan, the tax collector or treasurer will sell tax deeds to the winning bidders at the delinquent property tax sales.
- Tax Sale Type: Tax Deed (Sec. 211.78m).
- Contact: County Treasurer. (Sec. 211.78m).
- Interest Rate and/or Penalty Rate: Not applicable.
- Bid Procedure: Premium bid / highest bid. (Sec. 211.78m (2)).
- Redemption Period: Not applicable.
- Law: Michigan Compiled Laws, Chapter 211, Sec. 211.60 et seq., "Sale, Redemption, and Conveyance of Delinquent Tax Lands."
- Many of the counties in Michigan hold their tax deed sales through the company Title-Check, LLC. The website for information is http://www.tax-sale.info/, and the auctions actually happen on http://www.ebayliveauctions.com/
- The counties that do not use Title-Check are the white, non-selectable counties on http://www.tax-sale.info/
- The name of the Assessors office in MI is the "Equalization Office", and the Assessed Value is referred to as the "State Equalized Value"
- Generally the sales happen between July and November every year.
- The county forecloses on the tax deed properties in March and April, so trying to purchase title from the previous owners cannot take place after that point, even though it may still be a few months before the auction.
- Baraga County, Gogebic County, and Houghton County hold their auctions together each year in August.
Maine
Sale Type: Tax Deeds
Bid Method: Premium Bid
Sale Date(s): Year Round
State Statute(s): Title 36, Part 2, CH 105
Over-the-Counter: No
State Website: http://www.maine.gov/
Bid Method: Premium Bid
Sale Date(s): Year Round
State Statute(s): Title 36, Part 2, CH 105
Over-the-Counter: No
State Website: http://www.maine.gov/
Maine State Overview
In Maine, the tax collector will sell tax deeds to the winning bidders at the delinquent property tax sales.
In Maine, the tax collector will sell tax deeds to the winning bidders at the delinquent property tax sales.
- Tax Sale Type: Tax Deed. (Sec. 1071).
- Contact: Municipal Tax Collector. (Sec. 1074).
- Interest Rate and/or Penalty Rate: Not applicable.
- Bid Procedure: Premium bid / highest bid. (Sec. 1074).
- Redemption Period: Not applicable.
- Law: Maine Revised Statutes, Title 36, Part 2, Chapter 105, Subchapter IX, "Delinquent Taxes."
Minnesota
Sale Type: Tax Deed
Bid Method: Highest Bidder
Sale Date(s): Fall (May Vary by County)
Statute Section(s): Chapters 279-282
Over-the-Counter: Yes
State Website: http://www.state.mn.us/
Bid Method: Highest Bidder
Sale Date(s): Fall (May Vary by County)
Statute Section(s): Chapters 279-282
Over-the-Counter: Yes
State Website: http://www.state.mn.us/
Minnesota State Overview
In Minnesota, county tax collectors or treasurers sell tax deeds to the winning bidders at the delinquent property tax sales.
In Minnesota, county tax collectors or treasurers sell tax deeds to the winning bidders at the delinquent property tax sales.
- Tax Sale Type: Tax Deed. (Sec. 282.301).
- Contact: Tax Collector. (Sec. 282.01).
- Interest Rate and/or Penalty Rate: Not applicable.
- Bid Procedure: Premium bid / highest bid. (Sec. 282.01).
- Redemption Period: Not applicable.
- Law: Minnesota Statutes, Chapter 281 "Real Estate Tax Sales, Redemption," and Chapter 282 "Tax-Forfeited Land Sales."
Mississippi
Sale Type:Tax Lien and Tax Deed
Interest Rate: 18% APR
Bid Method: Highest Bidder
Redemption Period: 2 Years
Sale Date(s): April and August
State Statute(s): Title 27
Over-the-Counter:Yes
State Website: http://www.mississippi.gov/
Interest Rate: 18% APR
Bid Method: Highest Bidder
Redemption Period: 2 Years
Sale Date(s): April and August
State Statute(s): Title 27
Over-the-Counter:Yes
State Website: http://www.mississippi.gov/
Mississippi State Overview
In Mississippi, county treasurer's and tax collector's sell tax lien certificates to the winning bidder at the delinquent property tax sales.
In Mississippi, county treasurer's and tax collector's sell tax lien certificates to the winning bidder at the delinquent property tax sales.
- Tax Sale Type: Tax Lien Certificate. (Sec. 27-41-55).
- Contact: Tax Colector. (Sec. 27-41-47).
- Interest Rate and/or Penalty Rate: 18% per annum and 5% penalty. (Sec. 27-45-3).
- Bid Procedure: Premium bid / highest bid. (Sec. 27-41-59).
- Redemption Period: Two (2) years. (Sec. 27-45-3).
- Law: Mississippi Code, Title 27, Chapter 41, "Ad Valorem Taxes -- Collection", Chapter 45, "Ad Valorem Taxes -- Redemption of Land Sold for Taxes," and Chapter 47, "Ad Valorem Taxes -- Assignment of Tax Liens."
- Important. According to (Sec. 27-41-77) the overbid does not draw interest. Furthermore, the overbid will not be returned upon redemption and "shall be credited to the county general fund".
Missouri
Sale Type: Tax Liens & Tax Deeds
Interest Rate: 10% APR
Bid Method: Premium Bid
Redemption Period: 2 Years
Sale Date(s): Year Round
Statute Section(s): Chapters 140 & 141
Over-the-Counter: Yes
State Website: http://www.mo.gov/
Interest Rate: 10% APR
Bid Method: Premium Bid
Redemption Period: 2 Years
Sale Date(s): Year Round
Statute Section(s): Chapters 140 & 141
Over-the-Counter: Yes
State Website: http://www.mo.gov/
Missouri State Overview
In Missouri, county treasurer's and tax collector's sell tax lien certificates to the winning bidder at the delinquent property tax lien sales.
In addition, counties 'which adopt or which have adopted a charter or constitutional form of government shall be a separate class of counties outside of the classification system established under section 8 of this article'.
In conclusion, any county with a population of 85,000 or more may adopt a different process for the collection of delinquent property taxes. Therefore, prior to purchase, contact county officials for the specifics on how delinquent property taxes are handled in that specific county.
Sale to Non-Residents According to (Sec. 140.190) no 'bid shall be received from any person not a resident of the state of Missouri until such person shall file with said collector an agreement in writing consenting to the jurisdiction of the circuit court of the county in which such sale shall be made, and also filing with such collector an appointment of some citizen of said county as agent of said purchaser, and consenting that service of process on such agent shall give such court jurisdiction to try and determine any suit growing out of or connected with such sale for taxes'.
Subsequent Taxes. According to (Sec. 140.440) the purchaser of the tax lien certificate must pay all subsequent taxes 'that have accrued thereon since the issuance of said certificate' before 'being entitled to apply for deed'.
Furthermore, 'any purchaser that shall suffer a subsequent tax to become delinquent, such first purchaser shall forfeit all liens on such lands so purchased.'
A purchaser that permits 'a subsequent certificate to issue on the same property' will receive a notice instructing the investor to 'surrender said certificate' to the county tax collector. At that point the investor will receive what he or she paid to purchase 'shall be paid without interest to such holder of the certificate'.
Applying for Tax Deed. According to (Sec. 140.410) the purchaser must apply for a tax deed 'within two years from the date of said sale' of the tax lien certificate. Failure by the purchaser to apply for a tax deed within the time specified in Sec. 140.410 'the amount due such purchaser shall cease to be a lien on said lands so purchased so purchased as herein provided'.
In Missouri, county treasurer's and tax collector's sell tax lien certificates to the winning bidder at the delinquent property tax lien sales.
- Tax Sale Type: Tax Lien Certificate (Sec. 140.290).
- Contact: Tax Collector. (Sec. 140.010).
- Interest Rate and/or Penalty Rate: 10% per annum (8% on subsequent taxes). (Sec. 140.340).
- Bid Procedure: Premium bid / highest bid. (Sec. 140.190 Sec. 140.250).
- Redemption Period: One (1) year. (Sec. 140.330).
- Law: Missouri Revised Statutes, Chapter 140, "Collection of Delinquent Taxes Generally," and Chapter 141, "Delinquent Taxes -- First Class Counties and St. Louis City."
In addition, counties 'which adopt or which have adopted a charter or constitutional form of government shall be a separate class of counties outside of the classification system established under section 8 of this article'.
In conclusion, any county with a population of 85,000 or more may adopt a different process for the collection of delinquent property taxes. Therefore, prior to purchase, contact county officials for the specifics on how delinquent property taxes are handled in that specific county.
Sale to Non-Residents According to (Sec. 140.190) no 'bid shall be received from any person not a resident of the state of Missouri until such person shall file with said collector an agreement in writing consenting to the jurisdiction of the circuit court of the county in which such sale shall be made, and also filing with such collector an appointment of some citizen of said county as agent of said purchaser, and consenting that service of process on such agent shall give such court jurisdiction to try and determine any suit growing out of or connected with such sale for taxes'.
Subsequent Taxes. According to (Sec. 140.440) the purchaser of the tax lien certificate must pay all subsequent taxes 'that have accrued thereon since the issuance of said certificate' before 'being entitled to apply for deed'.
Furthermore, 'any purchaser that shall suffer a subsequent tax to become delinquent, such first purchaser shall forfeit all liens on such lands so purchased.'
A purchaser that permits 'a subsequent certificate to issue on the same property' will receive a notice instructing the investor to 'surrender said certificate' to the county tax collector. At that point the investor will receive what he or she paid to purchase 'shall be paid without interest to such holder of the certificate'.
Applying for Tax Deed. According to (Sec. 140.410) the purchaser must apply for a tax deed 'within two years from the date of said sale' of the tax lien certificate. Failure by the purchaser to apply for a tax deed within the time specified in Sec. 140.410 'the amount due such purchaser shall cease to be a lien on said lands so purchased so purchased as herein provided'.
Nevada
Sale Type: Hybrid Tax Deed
Interest Rate: 12% APR
Bid Method: Highest Bidder
Redemption Period: 2 Years
Sale Date(s): Year Round
State Statute(s): Chapter 361
Interest Rate: 12% APR
Bid Method: Highest Bidder
Redemption Period: 2 Years
Sale Date(s): Year Round
State Statute(s): Chapter 361
Nevada State Overview
In Nevada, county treasurers sell tax deeds to the winning bidders at the delinquent tax deed sales.
In Nevada, county treasurers sell tax deeds to the winning bidders at the delinquent tax deed sales.
- Tax Sale Type: Tax Deed (Sec. 361.595 (4)).
- Contact: County Treasurer. (Sec. 361.595).
- Interest Rate and/or Penalty Rate: Not applicable.
- Bid Procedure: Premium bid / highest bid. (Sec. 361.595 (2)).
- Redemption Period: Not applicable.
- Law: Nevada Revised Statutes, Chapter 361, "Property Tax."
New Mexico
Sale Type: Deed
Bid Method: Competetive high bid
Sale Date(s): Year-round
Statute Section(s): NM Statutes - CH 7, Article 38
Over-the-Counter: No
State Website: State of New Mexico Property Tax Division
Bid Method: Competetive high bid
Sale Date(s): Year-round
Statute Section(s): NM Statutes - CH 7, Article 38
Over-the-Counter: No
State Website: State of New Mexico Property Tax Division
- Tax Sales are handled by the state in New Mexico. After three years of delinquency, the county treasurer passes the property account over to the state for delinquent real property tax collection.
- With the state being the one handling the sale, very few county treasurers have tax sale data available online. Use the link above to check the State Property Tax Division first and foremost.
In New Mexico, 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. 7-38-70a ).
Contact: County Assessor-Collector. (Sec. 7-38-62 ).
Interest Rate and/or Penalty Rate: Not applicable.
Bid Procedure: Premium bid / highest bid. (Sec. 7-38-67 ).
Redemption Period: Not applicable.
Law: New Mexico Statutes, Chapter 7, Article 38, "Administration and Enforcement of Property Taxes."
Additional Notes:Important According to (Sec. 7-1-49 ) when an investor purchase a property at a New Mexico Tax Deed Sale the investor takes it 'subject to all outstanding prior interests and encumbrances (i.e., mortgages) of record'.
New York
Sale Type: Tax Deeds (Except NYC)
Bid Method: Highest Bid
Sale Date(s): Year Round
Statute Section(s): CH 50-a, Article 11
Over-the-Counter: Yes
State Website: http://www.ny.gov/
Bid Method: Highest Bid
Sale Date(s): Year Round
Statute Section(s): CH 50-a, Article 11
Over-the-Counter: Yes
State Website: http://www.ny.gov/
New York State Overview
In New York, the tax collector or treasurer will sell tax deeds to the winning bidders at the delinquent property tax sale.
- GIS and mapping data - This state site is a very good resource to find state, county, and other municipal GIS systems.
- The five counties of New York City were incorporated together as boroughs in 1898, as follows:
- Manhattan, New York County
- Queens, Queens County
- Brooklyn, Kings County
- Bronx, Bronx County
- Staton Island, Richmond County
- Obtaining county records has been made easier because of "FOIL", a Freedom of Information Law that requires all of the government agencies to disclose and provide records free of hassle and real cost. This means parcel maps, title history, relevant property data is available through a quick email.
- This Allegany County deed recording page is a great resource for instructions on recording deeds in New York.
- In the state of New York, each deed must be accompanied by a Real Property Transfer Report.
In New York, 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. 1166 (1)).
- Contact: Tax Collector. (Sec. 1102).
- Interest Rate and/or Penalty Rate: Not applicable.
- Bid Procedure: Premium bid / highest bid. (Sec. 1102 (3)).
- Redemption Period: Not applicable.
- Law: New York Real Property Tax Law, Chapter 50-a, Article 11, "PROCEDURES FOR ENFORCEMENT OF COLLECTION OF DELINQUENT TAXES"
- New York City's Tax Lien Certificates Sale: The city of New York holds an annual tax lien sale, the winning bidder will receive a tax lien certificate.
North Carolina
Sale Type: Tax Deed
Bid Method: Highest Bid
Sale Date(s): Year-Round
State Statute(s): CH 105, Sub CH II, Article 26
Over-the-Counter: Yes
State Website: http://www.ncgov.com/
Bid Method: Highest Bid
Sale Date(s): Year-Round
State Statute(s): CH 105, Sub CH II, Article 26
Over-the-Counter: Yes
State Website: http://www.ncgov.com/
North Carolina State Overview
100 County Tax Departments/Tax Department Offices/Tax Offices/Tax Collections Offices and Tax Collectors and 267 municipal (City or Town) Tax Collectors.
In North Carolina, the tax collector or treasurer will sell tax deeds to the winning bidders at the delinquent property tax sales.
100 County Tax Departments/Tax Department Offices/Tax Offices/Tax Collections Offices and Tax Collectors and 267 municipal (City or Town) Tax Collectors.
In North Carolina, the tax collector or treasurer will sell tax deeds to the winning bidders at the delinquent property tax sales.
- Tax Sale Type: Tax Deed (Sec. 105-374 (p)).
- Contact: Tax Collectors (Sec. 105-350).
- Interest Rate and/or Penalty Rate: Not applicable
- Bid Procedure: Premium bid / highest bid. (Sec. 105-374 (m)).
- Redemption Period: Not applicable.
- Law: General Statutes of North Carolina, Chapter 105, Subchapter II, Article 26, "Collection and Foreclosure of Taxes."
- Upset bids: According to (Sec. 1-339.64) a bidder may 'increase the bid' by increasing the bid by '(5%)' and 'with a minimum increase of seven hundred fifty dollars ($750.00).'. Once the upset bid has been recorded, the clerk of the superior court will release the prior sale.
Ohio
Sales Types: Tax Lien and Tax Deeds
Interest Rate of Return: 18%
Bidding Methods: Premium Bid, Bulk Bid
Redemption Period: 1 Year
Sale Dates: Deeds all year around, Liens annually
State Statute(s): Title 57 CH 5721, 5723
Over-the-Counter: No
Ohio State's Website: www.ohio.gov
Interest Rate of Return: 18%
Bidding Methods: Premium Bid, Bulk Bid
Redemption Period: 1 Year
Sale Dates: Deeds all year around, Liens annually
State Statute(s): Title 57 CH 5721, 5723
Over-the-Counter: No
Ohio State's Website: www.ohio.gov
Ohio State Overview
Ohio is a hybrid state because some counties hold tax lien sales, and many others hold tax deed foreclosure auctions. Counties with a high enough population are 'allowed' to sell tax lien certificates, while the remainder of counties are limited to tax deeds. Bulk tax lien certificate auctions in Ohio happen once a year.
Starting bid of tax deed properties will be at least two thirds of the property value. Still a great deal, of course with tax sales we can be picky when we want to, right?
The tax deed foreclosure auctions in Ohio counties are lumped in with the sheriff sales. It is not uncommon to see sheriff sales happening every week in many of the deed counties of Ohio. Many of these sheriff sales will include at least a few tax foreclosure properties mingled in with all the other mortgage foreclosure properties. Some lists specify which properties belong to which group, some lists don't.
Look for lien certificate auctions in Franklin County (Columbus), Cuyahoga County (Cleveland), and Hamilton County (Cincinnati).
Ohio is unique in that it offers both tax lien certificates and tax deeds. For tax lien certificates, investors can get yields as high as 18% per annum with a one year right of redemption. Tax Deeds are sold to the bidder with the highest bid.
Ohio is a hybrid state because some counties hold tax lien sales, and many others hold tax deed foreclosure auctions. Counties with a high enough population are 'allowed' to sell tax lien certificates, while the remainder of counties are limited to tax deeds. Bulk tax lien certificate auctions in Ohio happen once a year.
Starting bid of tax deed properties will be at least two thirds of the property value. Still a great deal, of course with tax sales we can be picky when we want to, right?
The tax deed foreclosure auctions in Ohio counties are lumped in with the sheriff sales. It is not uncommon to see sheriff sales happening every week in many of the deed counties of Ohio. Many of these sheriff sales will include at least a few tax foreclosure properties mingled in with all the other mortgage foreclosure properties. Some lists specify which properties belong to which group, some lists don't.
Look for lien certificate auctions in Franklin County (Columbus), Cuyahoga County (Cleveland), and Hamilton County (Cincinnati).
Ohio is unique in that it offers both tax lien certificates and tax deeds. For tax lien certificates, investors can get yields as high as 18% per annum with a one year right of redemption. Tax Deeds are sold to the bidder with the highest bid.
- Tax Sale Type: Tax Deed Sale (Sec. 5721.19) and Tax Lien Certificates (see notes) (Sec. 5721.31).
- Contact: The County Treasurer. (Sec. 5721.31).
- Interest Rate and/or Penalty Rate: 18% per annum (for tax lien certificates). (Sec. 5721.32 (C)).
- Bid Procedure: Premium bid / highest bid (tax deeds). (Sec. 5721.19). Bid down interest rate (tax lien certificates). (Sec. 5721.32 (C)).
- Redemption Period: One (1) year. (Sec. 5721.37 (A)(1)).
- Law: Ohio Revised Code, Title 57, Chapter 5721, "Delinquent Lands," and Chapter 5723, "Forfeited Lands."
- Tax Lien Certificate Sales: According to (Sec. 5721.31) 'Counties having a population of at least 200,000, may collect delinquent taxes by selling tax lien certificates at public auction'.
Oklahoma
Sale Type: Tax Deed
Bid Method: Highest Bidder
Sale Date(s): June
State Statute(s): Title 68 Article 31
Over-the-Counter: Yes
State Website: www.ok.gov
Bid Method: Highest Bidder
Sale Date(s): June
State Statute(s): Title 68 Article 31
Over-the-Counter: Yes
State Website: www.ok.gov
Oklahoma State Overview
Oklahoma county treasurer's and tax collector's sell tax lien certificates to the winning bidder at the delinquent property tax sale. In addition, Oklahoma sells tax deeds.
The "Tax Sale" is held each year on the first Monday in October (Sec. 68-3107). The winning bidder receives a tax lien certificate which draws interest at 8% per annum subject to a 2 year redemption period.
Any tax lien not sold at the "Tax Sale" is assigned to the county and can be purchased over the counter anytime prior to the expiration of the 2 year redemption period (Sec. 68-3108).
The "Resale" or second buying opportunity includes properties which remain unredeemed for a period of two years from the date of the sale..." (Sec. 68-3125) and occurs the second Monday of June each year. The winning bidder will receive a treasurers or tax deed. Any propery not sold at the "Resale" will be struck off to the county.
The "County Commissioners Sale" or third buying opportunity includes properties not sold at either the "tax sale" or the "resale". At the county commissioner sale "Properties are sold by the treasurer at a price approved by the county commissioners" (Sec. 68-3135).
Oklahoma county treasurer's and tax collector's sell tax lien certificates to the winning bidder at the delinquent property tax sale. In addition, Oklahoma sells tax deeds.
- Tax Sale Type: Tax Lien Certificate (68-3111) and Tax Deed (68-3135).
- Contact: The County Treasurer. (Sec. 68-3108 (A)).
- Interest Rate and/or Penalty Rate: 8% per annum. (Sec. 68-3113).
- Bid Procedure: Random selection or 'impartial drawing'. (Sec. 68-3108 (A)).
- Redemption Period: Two (2) years. (Sec. 68-3117 (b)).
- Law: Title 68, Article 31, "Delinquent Taxes and Collection."
- Multiple Tax Sales: As far as Oklahoma is concerned, at 8% per annum it doesn't provide the biggest rate of return. However, it does keep the competition down.
The "Tax Sale" is held each year on the first Monday in October (Sec. 68-3107). The winning bidder receives a tax lien certificate which draws interest at 8% per annum subject to a 2 year redemption period.
Any tax lien not sold at the "Tax Sale" is assigned to the county and can be purchased over the counter anytime prior to the expiration of the 2 year redemption period (Sec. 68-3108).
The "Resale" or second buying opportunity includes properties which remain unredeemed for a period of two years from the date of the sale..." (Sec. 68-3125) and occurs the second Monday of June each year. The winning bidder will receive a treasurers or tax deed. Any propery not sold at the "Resale" will be struck off to the county.
The "County Commissioners Sale" or third buying opportunity includes properties not sold at either the "tax sale" or the "resale". At the county commissioner sale "Properties are sold by the treasurer at a price approved by the county commissioners" (Sec. 68-3135).
Oregon
Sale Type: Tax Deed
Bid Method: High Bid/Lottery
Sale Date(s): Year Round
Redemption Period: None/1 Year/2 Years
State Statute(s): Volume 3
Over-the-Counter: Yes
State Website: http://oregon.gov
Bid Method: High Bid/Lottery
Sale Date(s): Year Round
Redemption Period: None/1 Year/2 Years
State Statute(s): Volume 3
Over-the-Counter: Yes
State Website: http://oregon.gov
Oregon State Overview
- Oregon has a strong GIS presence. Click here to go to a state-wide interactive map. If the state interactive map doesn't have a parcels layer for the county, it will provide a link to the county's GIS.
- Click here to read the policies governing real property tax foreclosure in Oregon.
- Tax Sale Type: Tax Deed (Sec. 29-312.270).
- Contact: (Sec. 29-311.005).
- Interest Rate and/or Penalty Rate: Not applicable.
- Bid Procedure: (Sec. 25-275.190).
- Redemption Period: Not applicable.
- Law: Oregon Revised Statutes, Title 25, Chapter 275 - "County Lands",Title 29, Chapter 311 - "Collection of Property Taxes" and Title 29, Chapter 312 - "Foreclosure of Property Tax Liens".
Pennsylvania
Sale Type: Tax Deeds
Bid Method: Public Auction
Sale Date(s): Varies by County
State Statute(s): Title 72, Taxation and Fiscal Affairs
Over-the-Counter: Yes
State Website: www.pa.gov
Bid Method: Public Auction
Sale Date(s): Varies by County
State Statute(s): Title 72, Taxation and Fiscal Affairs
Over-the-Counter: Yes
State Website: www.pa.gov
Pennsylvania State Overview
Delinquent tax foreclosure properties are typically handled by the Tax Claim Bureau department within each Pennsylvania county. The county will hold two tax sales to try and sell tax delinquent real property. First, at the Upset Sale, then at the Judicial Sale where tax liens are wiped out. If a property goes unsold at both tax sales, it will go onto the 'Repository' list and will be available during much of the year for over-the-counter purchase via mail-in offer process. Some counties will also hold a third auction; a repository sale consisting of previously unsold properties.
In Pennsylvania, the tax collector or treasurer will sell tax deeds to the winning bidders at the delinquent property tax sale. The bidder willing to pay the most wins the bidding contest.
The Upset Sale is scheduled each September and includes those parcels whose taxes, from two years earlier, remain unpaid or other specified conditions exist.
A Private Sale can occur after a property has been exposed but not sold at an Upset Sale. An interested buyer submits a written bid to the Tax Claim Bureau. The Bureau decides whether to accept the bid. If accepted, the bid is advertised in a newspaper. Any one objecting to the sale must petition the court within 45 days to disprove the sale.
A Judicial Sale is held at least once each year and can include only those properties that have been exposed but not sold at an Upset Sale. After advertisement, notice to owners and lien holders, etc., the parcels are presented free and clear of all liens.
A Repository Sale consists of properties that are exposed but not sold at a Judicial Sale. Any bid on a repository property must be approved by all taxing districts where the property is located (i.e. township borough, county, school).
Special sales and redemption provisions apply in Philadelphia, Pittsburgh, and Scranton and in Allegheny County.
Delinquent tax foreclosure properties are typically handled by the Tax Claim Bureau department within each Pennsylvania county. The county will hold two tax sales to try and sell tax delinquent real property. First, at the Upset Sale, then at the Judicial Sale where tax liens are wiped out. If a property goes unsold at both tax sales, it will go onto the 'Repository' list and will be available during much of the year for over-the-counter purchase via mail-in offer process. Some counties will also hold a third auction; a repository sale consisting of previously unsold properties.
In Pennsylvania, the tax collector or treasurer will sell tax deeds to the winning bidders at the delinquent property tax sale. The bidder willing to pay the most wins the bidding contest.
- Tax Sale Type: Tax Deed (see notes).
- Contact: County Tax Claim Bureau
- Interest Rate and/or Penalty Rate: Not applicable.
- Bid Procedure: Premium bid / highest bid.
- Redemption Period: Not applicable.
- Law: Pennsylvania "Real Estate Tax Sale Law" Act 542 of 1947, P.L. 1368; 72 P.S. 5860.101
The Upset Sale is scheduled each September and includes those parcels whose taxes, from two years earlier, remain unpaid or other specified conditions exist.
A Private Sale can occur after a property has been exposed but not sold at an Upset Sale. An interested buyer submits a written bid to the Tax Claim Bureau. The Bureau decides whether to accept the bid. If accepted, the bid is advertised in a newspaper. Any one objecting to the sale must petition the court within 45 days to disprove the sale.
A Judicial Sale is held at least once each year and can include only those properties that have been exposed but not sold at an Upset Sale. After advertisement, notice to owners and lien holders, etc., the parcels are presented free and clear of all liens.
A Repository Sale consists of properties that are exposed but not sold at a Judicial Sale. Any bid on a repository property must be approved by all taxing districts where the property is located (i.e. township borough, county, school).
Special sales and redemption provisions apply in Philadelphia, Pittsburgh, and Scranton and in Allegheny County.
South Carolina
Sale Type: Lien Certificates
Interest Rate: 3%-12%
Bid Method: Highest Bidder
Redemption Period: 12 - 18 Months
Sale Date(s): Fall
Statute Section(s): Code of Laws Of SC - Title 12, CH 51
Over-the-Counter: No
State Website: www.sc.gov
Interest Rate: 3%-12%
Bid Method: Highest Bidder
Redemption Period: 12 - 18 Months
Sale Date(s): Fall
Statute Section(s): Code of Laws Of SC - Title 12, CH 51
Over-the-Counter: No
State Website: www.sc.gov
- There are 46 County Delinquent Tax Collectors (often referred to as simply the Tax Collector) or, if there is no such office, refer to the County Treasurer.
- Note: In most Counties, the Treasurer collects only current real property taxes and the County Delinquent Tax Collector (or Tax Collector) collects only delinquent real property taxes and conducts the annual tax sales.
The homeowner has approximately one (1) year from the date the tax lien certificate was purchased to redeem. Depending on when the homeowner redeems he or she will be charged a 3% to 12% penalty. Upon the expiration of the one (1) year redemption the investor may apply for the tax deed.
Tax Sale Type: Tax Lien Certificates. (Sec. 12-51-130).
Contact: Tax Collector. (Sec. 12-51-60).
Interest Rate and/or Penalty Rate: Depending on the month of redemption 3% to 12% penalty (see "Additional Notes"). (Sec. 12-51-90).
Bid Procedure: Premium bid / highest bid. (Sec. 12-51-55).
Redemption Period: One (1) year. (Sec. 12-51-90).
Law: Code of Laws of South Carolina, Title 12, Chapter 51 - "Alternate Procedure for Collection of Property Taxes".
Additional Notes:Penalty due at Redemption: According to (Sec. 12-51-90) 'the defaulting taxpayer, ...may within twelve months from the date of the delinquent tax sale redeem each item of real estate by paying to the person officially charged with the collection of delinquent taxes, assessments, penalties, and costs, together with interest...'
According to (Sec. 12-51-90 (B)) the amount charged to redeem is based on the month during the redemption period that the property is redeemed;
- First three months (3%) percent of the bid amount
- Months four, five, and six (6%) percent of the bid amount
- Months seven, eight, and nine (9%) percent of the bid amount
- Last three months (12%) percent of the bid amount
According to (Sec. 12-51-130) upon 'failure of the defaulting taxpayer,... to redeem realty within the time period allowed for redemption, the person officially charged with the collection of delinquent taxes, within thirty days or as soon after that as possible, shall make a tax title to the purchaser or the purchaser's assignee'.
Tennessee
Sale Type: Redeemable Tax Deed
Interest Rate: 10% APR
Bid Method: Premium Bid
Redemption Period: 1 Year
Sale Date(s): Varies by County
State Statute(s): Title 67
Over-the-Counter: Yes - County Surplus Property
State Website: http://www.state.tn.us/
Tennessee County Website: http://tennesseeanytime.org/local/counties.html
Contact Info for all Counties: http://www.comptroller1.state.tn.us/PAnew/ListAssessorsTrustees.asp
Interest Rate: 10% APR
Bid Method: Premium Bid
Redemption Period: 1 Year
Sale Date(s): Varies by County
State Statute(s): Title 67
Over-the-Counter: Yes - County Surplus Property
State Website: http://www.state.tn.us/
Tennessee County Website: http://tennesseeanytime.org/local/counties.html
Contact Info for all Counties: http://www.comptroller1.state.tn.us/PAnew/ListAssessorsTrustees.asp
Tennessee State Overview:
Tennessee is a state that is a little different than most deed states because it is a redeemable deed state. One thing that an investor can do once he has won the Tennessee tax deed is to apply for an immediate writ of possession. If the writ is approved, the tax deed purchaser can collect rent on the property for the first year or until the deed is redeemed. This has been proven to be a very lucrative action. There is a one year redemption period for the State of Tennesee.
This annual 10 percent interest rate is simple interest. The 10 percent interest rate is added to any surplus or overbid along with the full amount of the tax deed price paid by the investor.
The highest bidder is the one that is willing to pay the most for each of the tax deeds. All fees, penalties, and administrative costs are included with the opening bid.
The tax deed buyer can take possession to the tax deed one year after the winning bid.
Tennessee is a state that is a little different than most deed states because it is a redeemable deed state. One thing that an investor can do once he has won the Tennessee tax deed is to apply for an immediate writ of possession. If the writ is approved, the tax deed purchaser can collect rent on the property for the first year or until the deed is redeemed. This has been proven to be a very lucrative action. There is a one year redemption period for the State of Tennesee.
This annual 10 percent interest rate is simple interest. The 10 percent interest rate is added to any surplus or overbid along with the full amount of the tax deed price paid by the investor.
The highest bidder is the one that is willing to pay the most for each of the tax deeds. All fees, penalties, and administrative costs are included with the opening bid.
The tax deed buyer can take possession to the tax deed one year after the winning bid.
Utah
Sale Type: Tax Deeds
Bid Method: Highest Bidder/Bid Down % of Ownership
Sale Date(s): 3rd Thursday in May
State Statute(s): Title 59, Ch 2
Over-the-Counter: Yes
State Website: http://www.utah.gov/index/html
Utah County Website: http://www.uacnet.org/county/
Bid Method: Highest Bidder/Bid Down % of Ownership
Sale Date(s): 3rd Thursday in May
State Statute(s): Title 59, Ch 2
Over-the-Counter: Yes
State Website: http://www.utah.gov/index/html
Utah County Website: http://www.uacnet.org/county/
Utah State Overview:
All of the counties in Utah have their tax deed sales on the same day at the same time. Therefore it is a good idea to decide which county you want to work in or have some assistants to help you with more than one sale. Once a deed is purchased from the sale, it takes approximately 30 days for the county to send you the tax deed. All tax deed properties must be paid for at time of purchase. Some counties will allow you enough time to go to your bank if it is within an hour's time. Only cash, cashier's check or certified funds are accepted. Once a property has gone through the tax deed sale and did not sell, an investor can contact the county to purchase a property for the opening bid price. The county will sell a property after it has been delinquent for five years. The property owner has up until the auction starts to pay off his or her back taxes, penalties, and fees. The county will also list the tax deed properties in a local newspaper about four weeks prior to the sale. Auctions are conducted at the county courthouse.
Utah is an "Oral Bid," and all participants must register prior to the sale. This can be done on the day of the sale. The most common method is the Premium Bid. The starting bid will include the back taxes, penalties, interest and any administrative costs. The property will go to the highest bidder. The second type of bidding is is the "Bid Down % of Ownership" method. The opening bid will include the back taxes, penalties, interest, and any administrative costs. The investors will bid down the ownership of the property starting at 100% of the property value. This then becomes a partnership with the previous property owner. The person willing to take the lowest percentage of ownership on that particular tax deed will be the winning bidder. http://www.utahlegalnotices.com/ is a great website to find listings of Utah tax deed properties. However, all of the sales will be announced at least three weeks prior to the sale in the local newspaper and on the county website. All Utah lists can be found on noriskinvestor.com in the Download Center at the start of May. The county Auditor conducts the sale. You can have someone bid in your stead with a notarized statement authorizing that person to bid for you.
All of the counties in Utah have their tax deed sales on the same day at the same time. Therefore it is a good idea to decide which county you want to work in or have some assistants to help you with more than one sale. Once a deed is purchased from the sale, it takes approximately 30 days for the county to send you the tax deed. All tax deed properties must be paid for at time of purchase. Some counties will allow you enough time to go to your bank if it is within an hour's time. Only cash, cashier's check or certified funds are accepted. Once a property has gone through the tax deed sale and did not sell, an investor can contact the county to purchase a property for the opening bid price. The county will sell a property after it has been delinquent for five years. The property owner has up until the auction starts to pay off his or her back taxes, penalties, and fees. The county will also list the tax deed properties in a local newspaper about four weeks prior to the sale. Auctions are conducted at the county courthouse.
Utah is an "Oral Bid," and all participants must register prior to the sale. This can be done on the day of the sale. The most common method is the Premium Bid. The starting bid will include the back taxes, penalties, interest and any administrative costs. The property will go to the highest bidder. The second type of bidding is is the "Bid Down % of Ownership" method. The opening bid will include the back taxes, penalties, interest, and any administrative costs. The investors will bid down the ownership of the property starting at 100% of the property value. This then becomes a partnership with the previous property owner. The person willing to take the lowest percentage of ownership on that particular tax deed will be the winning bidder. http://www.utahlegalnotices.com/ is a great website to find listings of Utah tax deed properties. However, all of the sales will be announced at least three weeks prior to the sale in the local newspaper and on the county website. All Utah lists can be found on noriskinvestor.com in the Download Center at the start of May. The county Auditor conducts the sale. You can have someone bid in your stead with a notarized statement authorizing that person to bid for you.
Virginia
Sale Type: Redeemable Tax Deed
Interest Rate: 10% APR
Bid Method: Premium Bid
Redemption Period: 1 Year
Sale Date(s): Varies by County
State Statute(s): Title 67
Over-the-Counter: Yes - County Surplus Property
State Website: http://www.state.tn.us/
Tennessee County Website: http://tennesseeanytime.org/local/counties.html
Contact Info for all Counties: http://www.comptroller1.state.tn.us/PAnew/ListAssessorsTrustees.asp
Interest Rate: 10% APR
Bid Method: Premium Bid
Redemption Period: 1 Year
Sale Date(s): Varies by County
State Statute(s): Title 67
Over-the-Counter: Yes - County Surplus Property
State Website: http://www.state.tn.us/
Tennessee County Website: http://tennesseeanytime.org/local/counties.html
Contact Info for all Counties: http://www.comptroller1.state.tn.us/PAnew/ListAssessorsTrustees.asp
Tennessee State Overview:
Tennessee is a state that is a little different than most deed states because it is a redeemable deed state. One thing that an investor can do once he has won the Tennessee tax deed is to apply for an immediate writ of possession. If the writ is approved, the tax deed purchaser can collect rent on the property for the first year or until the deed is redeemed. This has been proven to be a very lucrative action. There is a one year redemption period for the State of Tennesee.
This annual 10 percent interest rate is simple interest. The 10 percent interest rate is added to any surplus or overbid along with the full amount of the tax deed price paid by the investor.
The highest bidder is the one that is willing to pay the most for each of the tax deeds. All fees, penalties, and administrative costs are included with the opening bid.
The tax deed buyer can take possession to the tax deed one year after the winning bid.
Tennessee is a state that is a little different than most deed states because it is a redeemable deed state. One thing that an investor can do once he has won the Tennessee tax deed is to apply for an immediate writ of possession. If the writ is approved, the tax deed purchaser can collect rent on the property for the first year or until the deed is redeemed. This has been proven to be a very lucrative action. There is a one year redemption period for the State of Tennesee.
This annual 10 percent interest rate is simple interest. The 10 percent interest rate is added to any surplus or overbid along with the full amount of the tax deed price paid by the investor.
The highest bidder is the one that is willing to pay the most for each of the tax deeds. All fees, penalties, and administrative costs are included with the opening bid.
The tax deed buyer can take possession to the tax deed one year after the winning bid.
Washington
Sale Type: Tax Deeds
Interest Rate: N/A
Bid Method: Highest Bidder
Sale Date(s): Winter
State Statute(s): Title 84
Over-the-Counter: Yes
State Website: http://access.wa.gov
Washington County Website: http://www.mrsc.org/byndmrsc/counties.aspx
Washington County Officials Website: http://www.wacounties.org/waco/county/map.html
Interest Rate: N/A
Bid Method: Highest Bidder
Sale Date(s): Winter
State Statute(s): Title 84
Over-the-Counter: Yes
State Website: http://access.wa.gov
Washington County Website: http://www.mrsc.org/byndmrsc/counties.aspx
Washington County Officials Website: http://www.wacounties.org/waco/county/map.html
Washington State Overview:
After the counties have held onto tax lien certificates that have been delinquent for three years, they will hold a sale offering the tax deed at auction. The county will publish the list of tax deed properties in the local newspaper approximately three weeks prior to the sale. The property owner has until 5:00 pm the day before the auction to pay his or her back taxes, fees, and any penalties. This is what the starting bid will begin at also including any administrative costs. Some counties in Washington do have tax deed properties that are available after the tax sale. They are called "tax-title" properties and will be found under the real property division. Most of the tax-title properties are land. Washington does provide some funding in some of the counties. It will start at a 9.25% interest rate and can carry a contract for up to ten years for a $50,000 tax deed. Here are a few of the counties that have funding: Coos, Clackamus, and Deschutes. Quit claim deed forms can be found on www.vuwriter.co.
Washington is an oral bid state that uses the "Premium Bid" method. The tax deed will be bid up in price until a high bidder has been established. The starting bid will include all taxes, fees, administrative costs, and any penalties. Each bidder is required to register before the tax deed auction begins. It is possible for one to stand in another's stead for bidding.Y ou must contact the county and get a notarized statement giving permission for that person to represent you.
After the counties have held onto tax lien certificates that have been delinquent for three years, they will hold a sale offering the tax deed at auction. The county will publish the list of tax deed properties in the local newspaper approximately three weeks prior to the sale. The property owner has until 5:00 pm the day before the auction to pay his or her back taxes, fees, and any penalties. This is what the starting bid will begin at also including any administrative costs. Some counties in Washington do have tax deed properties that are available after the tax sale. They are called "tax-title" properties and will be found under the real property division. Most of the tax-title properties are land. Washington does provide some funding in some of the counties. It will start at a 9.25% interest rate and can carry a contract for up to ten years for a $50,000 tax deed. Here are a few of the counties that have funding: Coos, Clackamus, and Deschutes. Quit claim deed forms can be found on www.vuwriter.co.
Washington is an oral bid state that uses the "Premium Bid" method. The tax deed will be bid up in price until a high bidder has been established. The starting bid will include all taxes, fees, administrative costs, and any penalties. Each bidder is required to register before the tax deed auction begins. It is possible for one to stand in another's stead for bidding.Y ou must contact the county and get a notarized statement giving permission for that person to represent you.
Wisconsin
Sale Type: Tax Deed
Interest Rate: N/A
Bid Method: Highest Bidder
Redemption Period: N/A
Sale Date(s): Year Round
State Statute(s): Ch 74 & 75
Over-the-Counter: Yes
State Website: http://wisconsin.gov
Wisconsin County Website: http://coastal.lic.wisc.edu/wisconsin-ims/wisconsin-ims.htm
Interest Rate: N/A
Bid Method: Highest Bidder
Redemption Period: N/A
Sale Date(s): Year Round
State Statute(s): Ch 74 & 75
Over-the-Counter: Yes
State Website: http://wisconsin.gov
Wisconsin County Website: http://coastal.lic.wisc.edu/wisconsin-ims/wisconsin-ims.htm
Wisconsin State Overview:
Every year, in the first part of September, the county treasurer will issue tax lien certificates to the county on all over delinquent taxes. The county then keeps these tax liens for two years. After August 31st of the second year, any properties that the county is still holding will be foreclosed on by the county holding the tax lien. The county then becomes the new property owner. The county then holds a tax deed sale where the tax deeds are sold and transfer ownership to the highest bidder. The county then issues the winning bidder the tax deed to the property. This sale is usually known as the tax delinquent real estate sale. About six weeks prior to the sale the counties will publish the list of delinquent tax deed properties in the local newspaper. The property owner has up until 5:00 pm the day before the auction to pay all delinquent taxes, penalties, and fees.
The highest bidder will be awarded the tax deed. Some counties in Wisconsin also accept sealed bids. These bids are opened prior to the sale and will be bid appropriately (you will have to talk to the county to see if they are one that does if this is your preferred method of bidding). Prior to bidding, an investor is required to register. Some counties require a certain amount of time for pre-registration, so check with the county for details and time frames. You will then be issued a bidder's number, which you will use during the tax deed auction. The county's starting bid includes back taxes, penalties, interest, and any administrative costs incurred. This is called a "premium bid". A sealed bid will be considered and must be submitted to the county the day prior to the sale. The investor must pick up the bidder's form from the county along with their amount of the sealed bid and include it in an envelope. When submitted it then becomes a "sealed bid".
Every year, in the first part of September, the county treasurer will issue tax lien certificates to the county on all over delinquent taxes. The county then keeps these tax liens for two years. After August 31st of the second year, any properties that the county is still holding will be foreclosed on by the county holding the tax lien. The county then becomes the new property owner. The county then holds a tax deed sale where the tax deeds are sold and transfer ownership to the highest bidder. The county then issues the winning bidder the tax deed to the property. This sale is usually known as the tax delinquent real estate sale. About six weeks prior to the sale the counties will publish the list of delinquent tax deed properties in the local newspaper. The property owner has up until 5:00 pm the day before the auction to pay all delinquent taxes, penalties, and fees.
The highest bidder will be awarded the tax deed. Some counties in Wisconsin also accept sealed bids. These bids are opened prior to the sale and will be bid appropriately (you will have to talk to the county to see if they are one that does if this is your preferred method of bidding). Prior to bidding, an investor is required to register. Some counties require a certain amount of time for pre-registration, so check with the county for details and time frames. You will then be issued a bidder's number, which you will use during the tax deed auction. The county's starting bid includes back taxes, penalties, interest, and any administrative costs incurred. This is called a "premium bid". A sealed bid will be considered and must be submitted to the county the day prior to the sale. The investor must pick up the bidder's form from the county along with their amount of the sealed bid and include it in an envelope. When submitted it then becomes a "sealed bid".