Baltimore city’s tax-sale list
March 24, 2009
Below is an article from the Balitmore City Paper
Ritz Carlton Residences, Belvedere, Streuver properties on city’s tax-sale list
On May 18, the city of Baltimore is holding a tax sale, and today the list of properties that will be up for bidding was released (you can check the full list out for yourself at Bid Baltimore, the 2009 tax-certificate auction website). Included on that list are 71 units at 1209 N. Charles St., the “condominiums with imagination” development near Penn Station built by Streuver Bros. Eccles and Rouse in conjunction with CJUF–Canyon Johnson Urban Funds–a real-estate development company that invests in underserved urban neighborhoods. CJUF is a joint venture between Canyon Capital Realty Advisors and Earvin “Magic” Johnson. According to the tax-sale site, Streuver and CJUF II 1209 LLC own the units, which have tax liens ranging from $304 for a 180 square-foot space in the building (unit P 38B) to $17,428.59 for a 1,627 square-foot condo (unit 413). The companies have until May 1 to pay the tax debt, and if they fail to do so, all of the tax liens on the properties are up for grabs–bidders that win them at auction must give the owners a chance to redeem the properties by paying back the tax lien at 18 percent interest, plus fees and penalties incurred by the tax-lien purchaser. If the owner of the property doesn’t pay up, the owner of the lien can take the issue to court and ask a circuit court judge to issue a foreclosure on the property.
Also included on the tax-certificate auction list are 54 properties in the Belvedere, at 1 E. Chase Street, owned by various parties, and 174 properties at the Ritz Carlton Residences located at 801 Key Highway, owned by a company called Midtown Baltimore LLC. The company owes $1,206.46 on each unit.
Vigo County Tax Sale
March 24, 2009
Vigo County to hold property tax sale April 16
By Howard Greninger
The Tribune-Star
TERRE HAUTE March 23, 2009 11:48 pm
— Vigo County officials will hold a property tax sale April 16 to collect unpaid taxes.
Officials plan to closely monitor this year’s sale to note the interest of property buyers, as well as property owners, and the total collection of unpaid taxes.
“It will be interesting to see what the tax collection will be at the end of 2009. It takes about a year and a half for a property to be put into a tax sale, so I think it will be 2010 or 2011 before we see a reflection of the current economy,” said Kylissa Miller, chief deputy auditor for the county.
Vigo County had 1,250 parcels listed for the tax sale in February. As of Friday, however, the number had been reduced to 955 because some property owners paid their taxes and other parcels were removed from the sale.
Those parcels removed include mineral rights, improvements on leased ground, parcels now part of a bankruptcy, or parcels on which less than $100 in taxes is owed, Miller said.
The county seeks to collect more than $2.36 million in delinquent taxes, Miller said.
If taxes are not paid for 11/2 years, the property is then listed in a tax sale, according to state law.
Property owners can redeem their property sold in a tax sale within a year by paying back taxes, plus a 10 percent penalty in the first six months. A 15 percent penalty is applied in the second six months. The original property owner also must pay legal and title search fees.
Vigo County Treasurer Dave Crockett said the county has received about $110,000 since early February from unpaid taxes, as well as other payments such as salary garnishments.
“We ask taxpayers to come in and make a fairly substantial payment if they can and we will work with them to get their [unpaid] taxes caught up,” Crockett said. “We will work with them, as best we can, especially in the economic situation that we are in.”
In 2005, the county began with 1,995 property parcels in a tax sale, which was reduced to 1,400 prior to the sale. The county at that time had not held a tax sale for three years because of reassessment changes in state law.
Vigo County usually collects 96 to 98 percent of property taxes owed annually through the aid of a tax sale, Miller said. The sales are held at the county annex at First and Oak streets.
Howard Greninger can be reached at 
(812) 231-4204
or howard.greninger@tribstar.com
Tax lien investing?
March 24, 2009
With guaranteed rates as high as 24% offered by tax lien certificates, is there any reason not to pull all of your money out of stocks/bonds and put it in tax liens? Is there anyone out there who holds tax lien certificates in their IRA/Roth IRA?
Tax Lien Investing
Arizona Tax Certificate Process
March 23, 2009
Arizona Tax Certificate Process
What are tax certificates (Certificates of Purchase)?
Tax due dates and delinquency dates are best understood by example. In Arizona, one half of the annual property taxes become due October 1, and the second half the following March 1. The first half of the taxes become delinquent if not paid by 5:00pm on November 1 (of 2004 for example), and the second half become delinquent at 5:00pm on May 1 (of the following year, 2005). By the following December (2005), delinquent notices are sent to the homeowners stating that a tax certificate will be auctioned on a specified date if the taxes are not paid. The treasurer in every Arizona county prepares a list of the properties with delinquent taxes. The list is published in January or February (2006).
The tax certificate’s face amount consists of the sum of the following: delinquent real estate tax (may include previous years delinquent taxes, penalties and costs), interest from the date of the delinquency, advertising penalty fee, a charge for the issuance of the tax certificate, and the “Taxpayer Information Fund” fee.
Tax certificates are a high priority lien against property which means there are very few other claims against a property which would be paid before the tax certificate lien. It even supersedes some IRS liens.
The Auction
The tax certificate auction must take place during the month of February. (Note: tax certificates and the auction of them are governed by Title 42, Chapter 18 of the Arizona Revised Statutes. All requirements mentioned in this document come from Chapter 18 without the legalese).
To make a simplified analogy, think of the purchase of a tax certificate as a loan to the property owner. In return, the investor receives interest on the money loaned.
The tax certificate itself conveys no property rights. It is simply a “loan” carrying an interest rate. However, if the certificate is not redeemed within three years of the date of the original sale, the certificate holder does have the right to foreclose on the property and take possession after taking all the proper steps in the Judicial Foreclosure process.
The county treasurer publishes the delinquent tax list and the auction notice at least one time in a newspaper of general circulation in the county, on the Arizona Newspaper Association website, on the county website, and by posting outside the door of the Office of Treasurer. The publication is at least two weeks but not more than three weeks before the date of sale.
The interest on a certificate ranges from 0 to 16%. Bids are entered with the certificate going to the bidder willing to take the lowest interest rate. Simple interest accrues on a monthly basis. If the certificate carries an interest rate of 12%, then interest will accrue at 1% simple interest every month until the certificate is redeemed. If the certificate is not sold, it becomes the property of the state, bears an interest rate of 16%, and may be purchased by visiting the treasurer’s office. Most counties today do not issue paper certificates. The certificate is kept as an electronic file at the treasurer’s office.
Now you own a tax certificate, so what can happen next?
When the owner redeems the certificate, they pay the delinquent taxes, interest, and assorted fees and costs, and a check is sent out with a letter to the certificate holder.
The certificate can be sold and transferred to another name. This sale must be reported to the Treasurer’s Office so a corrected certificate, with correct W-9 information can be retained.
If subsequent tax year taxes become delinquent, the certificate holder may pay those and add them to the existing certificate at the original interest rate bid, after June 1 (after the second half taxes have become delinquent but before they go to auction). Arizona statutes allow a county treasurer to require that only one Certificate of Purchase exist on a property at one time. As a result, an individual buying the current year’s certificate must redeem any outstanding certificates as part of the process. Paying “subtaxes” prevents the early redemption of what may be a profitable investment.
After three years, if the delinquent taxes have not been paid, the certificate holder has the right to foreclose on the property for monies owed.
If the certificate holder discovers that they really don’t want to own the subject property (it might have turned out to be an environmental hazard site or a home that has burned down or vacant land with no value),and ten years pass without the certificate being redeemed or the certificate property being foreclosed, the certificate expires worthless.
The entire investment in the certificate is lost. Certificate buyer beware. Know what you are purchasing.
Mohave Arizona Tax Lien Sale
March 23, 2009
THE TAX LIEN SALE The Mohave County Treasurer holds a tax lien sale between February 1 and March 1 each year. The lien is for TAXES only. You must check for other types of liens, and research the parcel. The Treasurers Office does not have records of other liens or problems that may occur with the title of the property. These items may be filed elsewhere. BE SURE TO CONDUCT YOUR RESEARCH PRIOR TO BIDDING! CAVEAT EMPTOR (Let the buyer beware). The Tax Lien Sale establishes a lien against property for unpaid taxes, and is not an outright sale of the property. If an individual chooses to bid on a tax lien against a parcel, and is the successful bidder at the time of the Tax Lien Sale, a lien is issued against the property. The holder of such a lien has no legal rights to the property. And cannot put improvements on said property (A.R.S. 42-18201). If one chooses to pay the taxes on a parcel of land, thus becoming a lien holder, one must bid at the Tax Lien Sale. The amount of interest a bidder may earn on the money invested may vary from 0% to 16%. The bid applies only to the taxes which are delinquent and subject to being advertised for offering at the Tax Lien Sale. The interest percent bid will apply to the subsequent taxes. At any time prior to issuance of a deed to the lien holder, the owner(s) of the property may clear the lien by redeeming through the Treasurers Office. When a parcel is redeemed, interest is paid monthly through the month in which the money is received from the party redeeming the lien. Records show that between 95% to 98% of tax lien are redeemed by the owner. HOWEVER, THERE IS NO GUARANTEE THAT THE LIEN WILL BE REDEEMED. BANKRUPTCIES filed against a parcel will freeze all activity on the parcel(s) involved. ALL funds invested CANNOT be refunded until the bankruptcy is released. PAYMENT OF INTEREST ON TAX LIENS WILL BE DETERMINED BY FEDERAL BANKRUPTCY COURT. A Tax Lien and holding a Certificate of Purchase does NOT give you ownership rights to the property. A CP simply represents your TAX LIEN. The only methods to obtain legal ownership are through the foreclosure and deeding actions described above. PLEASE REFER ALL INQUIRIES TO THE MOHAVE COUNTY TREASURERS OFFICE, TAX LIEN DIVISION A The property which is not bid on at the sale is assigned to the State of Arizona at 16% interest. If you wish to purchase one of these liens from the State of Arizona, you may do so with an ASSIGNMENT REQUEST FORM. Contact the Treasurers Office if you need further information. We will send Receipts, Portfolio and bill for any additional taxes due when your payments are processed. BIDDERS MAY NOT SWITCH PARCELS! When the process for the Certificate of Purchase is completed, ownership may ONLY be changed to another party by REASSIGNMENT THROUGH THE TREASURERS OFFICE. SUBSEQUENT BILLING: The purchaser will be billed for subsequent taxes annually, at the address currently on record. To avoid additional interest, the payment must be received in our office no later than the due date given at the time of billing. To prevent erroneous posting of your payment, please mark your envelope: ATTENTION SUBSEQUENT TAXES. ACQUIRING DEED JUDICIAL FORECLOSURE (Quiet Title) Action Through which legal ownership of the parcel may be obtained. This is usually handled by an attorney, and must follow the statutory requirements outlined in A.R.S. 42-18202 (which requires letters of intent), 42-18204, 33-414, etal. The judgment must be recorded in Mohave County, and a CERTIFIED copy of the judgment, summons, complaint, with applicable fees must be forwarded to the Mohave County Treasurer for issuance of a Treasurers Deed. This is the only means to obtain title (deed) to the property for sales held after December 31, 1998.
Pueblo Colorado Tax Lien Sale
March 23, 2009
Pre-Sale Information
Advertisement of Sale
The list of tax liens available to purchase is advertised in the local newspaper, The Pueblo Chieftain, for three consecutive Saturdays beginning September 20, 2008. This list will also be available on the Treasurer’s web site www.co.pueblo.co.us/treasurer/.
In addition to the original advertised lists, two other “condensed lists” (for both Tax Sale Advertising – Real Estate [.pdf] and Tax Sale Advertising – Mobile Homes [.pdf]) are posted on the internet site and will be periodically updated (6:30 p.m. daily) to reflect payments that have been made after the original lists were published.
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What you will be purchasing
You are purchasing only the tax lien on the property. This does not give you ownership or legal rights to the property in any way. All buyers are encouraged to research all relevant state statutes relating to the tax liens in article 11 of title 39, Colorado Revised Statutes and elsewhere. Most people participate in the tax lien sale because the interest rates are much better than those offered for savings accounts or Certificates of Deposit.
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Registration
Registration will begin on October 1, 2008 through October 10, 2008, and can be completed at the office of the Pueblo County Treasurer, 215 W. 10th, Room 110, Pueblo CO 81003. The forms are available on line at www.co.pueblo.co.us/treasurer/. Completed forms may be delivered, mailed or faxed to the Treasurer’s office at (719)-583-6526. You must be approved by the Treasurer’s office before you will be accepted to bid on the authorized auction site. Bidders are responsible to ensure that the information is correct. Registration forms will be used to issue the certificate(s) of purchase, redemption check(s), and Treasurer’s deed(s). Certificates will not be issued in any other name than provided on the registration form. Each buyer will be required to complete a form with name, social security number, address, telephone number, e-mail address, account and routing numbers in which all purchases shall be paid by automatic withdrawal from the bidder’s checking or savings account at the close of the auction . After the form has been completed the bidder will be assigned a bidder number and will be accepted to register on the authorized auction site. No registrations will be accepted after October 10, 2008.
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Interest Rate
The interest rate offered at each year’s tax sale is nine points above the Federal discount rate set on September 1st per Colorado State Statute 39-12-103 (3). The interest rate you receive on your certificate will remain the same for as long as you hold that certificate. The interest rate for 2007 certificates sold in 2008 is 11%. Simple interest is calculated on a monthly basis and portions of a month shall be counted as whole months.
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Prohibited Buyers
No Pueblo County Official or employee may purchase a tax lien at the auction. This also applies to the immediate family or agent of a Pueblo County Official or employee.
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The Sale
The tax lien sale will be held as an on line public auction October 14 – 16, 2008.
The auction site (sri-auctiononline) opens on October 14, 2008 at 8:00 a.m. Auction items commence closing every hour in batches of approximately 400 per batch beginning at 8:00 a.m. October 16, 2008 and continue to approximately 3:00 p.m.
The bidding sequence will be in item number order.
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Liens not sold at the sale
Any tax liens not sold at the sale are held by the county and will be available to purchase, by assignment, through the Treasurer’s office beginning November 3, 2008. See “Assignment Of Certificates”
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General Information
The asset you are purchasing is the tax lien, not the property.
Every parcel will be offered in compliance with Chapter 39, Article 11, of the Colorado Revised Statutes. Each parcel will be subject to online bidding and will be sold to the person who bids the highest amount, in excess of said taxes, penalty, interest, and costs.
There will be a condensed advertising list posted on the internet site that will be periodically updated to reflect payments that have been made after the original list was published.
The auctioning will provide all bidders with an opportunity to compete for each parcel. The County Treasurer may change the method of sale at his discretion prior to the commencement of the sale.
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Caveat Emptor (Buyer Beware)
It is the bidder’s responsibility to know what they are bidding on. Particular attention should be given to the impact of a bankruptcy filing, which could place a cloud upon the tax lien sale certificate. The recommendation of the Treasurer is that you consult with private legal counsel prior to participation in the tax lien sale.
The item number and total tax lien dollar amount of each parcel will be displayed. All successful bids are final. No changes in, or cancellation of a purchased parcel will be made after a bid has been made on a parcel or the item has closed.
The certificate to be issued on a successful bid will be in the statutory form, showing the lawful rate of interest for the life of the certificate, the legal description, purchase amount, and the buyer’s name (as entered on the registration form), and the date of the sale. Certificates will not be issued in a name other than the name or names shown on the registration form. All certificates may be endorsed each year until redeemed. Interest begins in October at the rate set after September 1st per annum.
Post- Sale Information
Record of Purchase
Tax lien certificates will be kept in safekeeping at the Treasurer’s office. Leaving your certificates with the Treasurer’s Office has the advantage of receiving payment sooner when redemption is made and allows for the endorsing without having to find your certificates and mailing or bringing them in.
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Endorsement of Tax Liens
If the taxes for the following year become delinquent, you will be given the opportunity to pay the taxes and add them onto the certificate(s) you hold. This enables you to pay the delinquent taxes and add them to your existing tax lien certificate of purchase without participating in the tax lien sale. You will receive the same interest rate on the subsequent taxes as you did on the original tax sale purchase. Endorsements are processed in August. If your certificates are eligible for endorsement you will be notified by mail.
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Redemption
When the owner redeems the taxes you will receive a check or notification. If the certificate is in our safekeeping, we will process the redemption and send your payment to you. If the certificate is in your possession, you will need to return the notification you received and the certificate to our office.
Upon receipt of the certificate, you will receive a check, which will include the amount of tax you purchased plus the interest that has accrued from the day of sale to the date of redemption. You are not refunded for any premium amount or bidding fee.
The redemption period is three years from the year of the original tax sale. Certificates sold in 2008 are eligible for application of a treasurer’s deed in 2011.
In January of each, year, you will receive a profit report (1099 INT) for any certificates you were paid for during the year. It will give the amount of interest paid to you during this period. This report is sent to you for your records and for income tax purposes. We are required to report interest paid to our investors to the IRS on an annual basis.
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Assignment Of County Held Certificates
You will be required to pay all taxes, fees, costs and interest due. This process will transfer the certificate of purchase from the County of Pueblo to the name designated by you. Tax lien certificates will be kept in safekeeping at our office. Leaving your certificates with the Treasurer’s Office has the advantage of receiving payment sooner when redemption is made and allows for the endorsing without having to find your certificates and mailing or bringing them in.
If the taxes for the following year become delinquent, you will be given the opportunity to pay the taxes and add them onto the certificate(s) you hold. This enables you to pay the delinquent taxes and add them to your existing tax lien certificate of purchase without participating in the tax lien sale. You will receive the same interest rate on the subsequent taxes as you did on the original tax sale purchase. Endorsements are processed in August. If your certificates are eligible for endorsement you will be notified by mail.
A listing of all available county held certificates of purchase for assignment is available for a fee, $35 for a diskette or a printout for $250.
Please direct further questions; to the Tax Lien Sale and Redemption Department at (719) 583-6682 or 583-6683.
Web site: http://www.co.pueblo.co.us/treasurer
E-mail: Darlene Bonfiglio
Tax Lien Investing
March 19, 2009
When you invest in tax liens, the process by which you profit is very similar to the process used by banks when lending money. It comes down to simple interest. You purchase a tax lien by paying the back taxes and all other applicable fees currently owed by the property owner. This gives the county the money they need to continue with operations while offering regular citizens the opportunity to turn a quick profit and giving home owners an extended opportunity to pay their debts prior to foreclosure. It’s a win-win situation.
The interest you can charge varies from state to state and may be as little as 10% or as much as 50%. The best part is that you do not even have to impose the interest yourself. Once you purchase the lien, the county will raise the interest to the agreed amount and will collect the final sum for you. You will never have to communicate with the property owner.
Cobb County Georgia Tax Sale Proceedures
March 18, 2009
There are several actions required by law in preparation for auctioning property. Information folders are kept on these parcels including our title search, tax map and/or plat, various correspondences, and our Ex-Officio Sheriff’s Notice of Service. Our title searches are for our own purposes and would not serve the needs of the buying public. Keep in mind that it is the purchaser’s responsibility to assure oneself as to the soundness of the title of all property sold at a tax sale. Questions may arise that we cannot answer; therefore, the person interested in the property must find these answers in other offices and records. For example, we do not know building code requirements. We do not know whether county sewer lines serve any particular area or street. We have no way of knowing whether a particular parcel or lot will be approved for a building or a septic tank. We are not always aware of easements. An important point that MUST NOT BE OVERLOOKED by the purchaser at a tax sale is that OTHER TAXES might be unpaid. If the parcel of land is located in a city that collects their own taxes, the city taxes could be unpaid as well. It is also possible that additional county taxes have become delinquent since proceedings first began on the parcel you are considering. Can you lose money? Maybe! We don’t really know. One can obtain a bad deed or title at a sale, whether from an individual or from a tax sale. We always recommend that anyone contemplating purchasing at a tax sale consult an attorney, assure oneself that the title is good, verify the information we have gathered, read those sections of Georgia law pertaining to tax sales and attend our sales to be familiar with the proceedings. The buyer at a tax auction is responsible for proper processing of documents concerning the foreclosure of the owner’s right to redeem and those documents concerning the right of redemption. Our office prepares and records the Tax Deed and the Real Estate Transfer Tax form after the sale. TAX SALE PROCEDURES The Cobb County Tax Commissioner’s Office follows certain procedures when it levies upon a piece of property. These procedures are prescribed by the Official Code of Georgia Annotated (OCGA). You will see code sections referenced throughout this booklet. These references are a starting point for your research and are by no means a complete listing. We strongly suggest you read those sections of Georgia law which pertain to Tax Executions and Tax Sales. OCGA Title 48 – Revenue and Taxation, Chapter 3 – Tax Executions, and Chapter 4 – Tax Sales, contain important information that you must be aware of. Also read and
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research those Opinions of the Attorney General and Judicial Decisions shown after each code section. These opinions and court cases are extremely important and must be taken into consideration when interpreting these laws. FIERI FACIAS (FI. FA.) A Fi. Fa. (short for fieri facias – a Latin term for “cause it to be done” and also used interchangeably with TAX EXECUTION or EXECUTION) is a tax lien or writ, authorizing the Sheriff or Ex-Officio Sheriff to obtain satisfaction of unpaid taxes by levying on and selling the delinquent taxpayer’s property. These documents are recorded on the General Execution Docket (GED) of the Clerk of Superior Court. (OCGA 48-3-1 and 48-3-3) AUTHORITY TO SELL The Tax Commissioner of Cobb County also serves as Ex-Officio Sheriff of Cobb County. As Ex-Officio Sheriff, he appoints Ex-Officio Deputy Sheriffs to act in his behalf in tax sale matters. Each Ex-Officio Deputy Sheriff has full power to advertise and bring property to sale for the purpose of collecting taxes due the state and county. (OCGA 48-2-55) Taxes due the state and county are not only against the owner BUT also against the property regardless of judgments, mortgages, sales, or encumbrances. Taxes constitute a general lien upon all property of a taxpayer and the lien attaches on January 1st of each tax year, even though a Fi. Fa. has not been issued. (OCGA 48-2-56 and 48-5-28) 30 DAY NOTICE BEFORE ISSUING FI.FA. After the last day for payment of taxes, the Tax Commissioner notifies the taxpayer in writing that the taxes are outstanding, and unless taxes are paid within thirty (30) days, an execution (Fi. Fa.) will be issued. (OCGA 48-3-3) ISSUANCE AND RECORDATION OF FI. FA. At any time after the 30 day notice has elapsed, the Tax Commissioner shall issue an execution (Fi. Fa. or tax lien) against the owner and the property. The execution (Fi. Fa.) is directed “to all and singular sheriffs of this state” (which means Sheriffs or Tax Commissioners who serve as Ex-Officio Sheriffs) and shall direct them to seize and sell the property of the delinquent taxpayer to satisfy the delinquent taxes. The property shall be plainly described on the execution (Fi. Fa.). The execution also bears interest at the rate of 1% per month from the date the tax was due. The execution (Fi. Fa.) is signed by the Tax Commissioner as Ex-Officio Sheriff or may be signed by the Sheriff in a county where the Tax Commissioner
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does not serve as Ex-Officio Sheriff. The execution (Fi. Fa.) is recorded on the General Execution Docket (GED) of the Clerk of Superior Court. LEVY When real estate is levied, the levy officer who acts as an Ex-Officio Deputy Sheriff is directed by a tax execution to seize and sell the property to satisfy the delinquent taxes. The Ex-Officio Deputy Sheriff must give 20 days written notice before advertising to the owner, tenant, holder of the security deed, IRS, Georgia Department of Revenue and Labor and EPD or EPA (if outstanding federal tax liens or state of Georgia liens, EPD or EPA liens exist). The levy notice is delivered by certified mail, and if we cannot effect service by certified mail (mail returned unclaimed or undeliverable), the notice is delivered to the owner and/or tenant in person. The levy shall state the owner’s and/or mortgage holder’s name, the tax years delinquent, the principal amount of taxes due, the accrued cost due, and a description of the property to be sold. (OCGA 48-2-55, 48-3-1, 48-3-6, 48-3-9, 48-3-10, 48-4-3, 48-5-27, 48-5-161, 9-13-13) POINTING OUT PRIVILEGE If the property being levied upon is a house and lot, then the Tax Commissioner routinely seizes it all. However, if a large parcel (tract) is being levied, it may not be prudent to sell all of it, and a portion may be set aside for levy purposes. The delinquent taxpayer may select the property to be sold. This is known as the “pointing out privilege.” However, it is at the discretion of the Ex-Officio Deputy Sheriff to levy on additional property whenever it is deemed necessary to secure prompt collection of delinquent taxes. (OCGA 48-3-4) ADVERTISEMENT All properties to be auctioned for delinquent taxes are advertised for four (4) consecutive weeks prior to the first Tuesday of the month. These advertisements are placed in the legal section of the Marietta Daily Journal under the heading “Tax Commissioner.” Their website is www.mdjonline.com – to view advertisements online, at the left margin click on, CLASSIFIEDS and from the drop down select, LEGALS and then to the right select, TAX COMMISSIONERS. These advertisements can be viewed online in the Friday edition! Each advertisement shows the owner’s name, a description of the property to be sold, and the amount of tax due. (OCGA 9-13-140; 9-13-141, 9-13-142 and 48-2-55) 10 DAY NOTICE TO OWNER A written notice is sent by certified mail 10 days before the tax sale to the owner address of record and any applicable state, county or municipality that have
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issued executions informing of the impending tax sale. (OCGA 48-4-1) STARTING BIDS LIST At noon on Friday before the auction, a final list of properties for sale and the starting bid prices will be available in the Levy Department. TAX SALE Our tax sale is held on the first Tuesday of each month, between the hours of 10 a.m. and 4 p.m., on the steps of the Superior Court building (except when the first Tuesday of the month falls on a legal holiday, the sale is held the next day, Wednesday). The opening bid for a particular property is the amount of tax due, plus penalties, interest, and all applicable other costs. The property is sold to the highest bidder. If no one bids, the Tax Commissioner has the authority to bid the property for the County. Properties receiving no bids may be offered for sale again at 3:00 p.m. on the sale date, if there are interested bidders. PAYMENT We require payment in full upon conclusion of the tax sale. Payment must be in the form of cash, certified check, cashiers check, or money order. We also require the purchaser to sign a statement attesting to the fact that the property was purchased for the final bid price. Immediately following the conclusion of the tax sale all purchasers must remit full payment to this office. After all payments are processed we begin preparation of the Tax Deed and the Real Estate Transfer Tax form. These documents are normally recorded and mailed to the purchaser by Friday afternoon following the tax sale. ACCORDING TO OCGA 9-13-170, ANY PERSON WHO BECOMES THE PURCHASER OF ANY REAL OR PERSONAL PROPERTY AT ANY SALE MADE AT PUBLIC OUTCRY WHO FAILS OR REFUSES TO COMPLY WITH THE TERMS OF THE SALE WHEN REQUESTED TO DO SO, SHALL BE LIABLE FOR THE AMOUNT OF THE PURCHASE MONEY. IT SHALL BE THE TAX COMMISSIONER’S OPTION EITHER TO PROCEED AGAINST THE PURCHASER FOR THE FULL AMOUNT OF THE PURCHASE MONEY OR TO RESELL THE REAL OR PERSONAL PROPERTY AND THEN PROCEED AGAINST THE FIRST PURCHASER FOR ANY DEFICIENCY ARISING FROM THE SALE. SALE CLOSING After the tax sale, we send written notice to the tenant, owner, security lien holder, IRS and the Georgia Department of Revenue and Labor (if applicable) informing
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them the property was sold. We provide them the purchaser’s name and address. (OCGA 9-13-160, 9-13-161, 9-13-166, 48-2-55, 48-4-1, 48-4-3, 48-4-4, 48-4-6 and 48-4-20) AFTER THE TAX SALE PAYMENT OF EXCESS FUNDS After paying taxes, cost and all expenses of the sale, a letter is mailed to inform all parties of record that excess is available and to explain how to claim them. The funds will be distributed as the priority of interest exists. (OCGA 48-4-5) If the potential exists for competing claims or when deemed necessary, we may file an interpleader action in Superior Court for the determination as to who is entitled to receive the funds. The funds will then be distributed to the parties according to the court order. The letter and affidavit is mailed to the owner(s) of record at the time of the tax sale, each security lien holder(s) and to all other parties having any recorded interest. The affidavit is provided and used as a guideline for our record to disburse the funds. The legal owner of the property, absent other lien holders, can claim the excess funds with an affidavit and indemnification agreement supported by a current Certificate of Title. Owners with one or more liens on the property may require the lien holder to release his interest in the funds in order for us to approve their claim. The superior lien holder may claim the funds in the same manner. These claims should state the dollar amount of the lien on the property since the excess funds paid to the superior lien holder cannot exceed that amount. PROCEDURES FOR TAX PURCHASER, OWNER, CREDITOR AND PARTIES WITH RECORD INTEREST RIGHT OF REDEMPTION AND THE AMOUNT PAYABLE FOR REDEMPTION When real property is sold at a tax sale the owner, creditor, or any person having an interest in the property may redeem the property from the holder of the tax deed.
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The owner, creditor, or any other person with interest in the property may redeem the property at anytime during the twelve (12) months following the tax sale. The purchaser of the tax deed cannot take actual possession of the property during this time. The tax deed purchaser is not authorized to receive rents or make improvements to any structure on the property or grade any lot prior to this time. The redemption amount paid to the tax deed purchaser should include the amount paid at tax sale, plus a 20% premium for the first year or fraction of a year, any taxes paid after the sale and any special assessment on the property. After the first year, the purchaser is entitled to an additional 10% for each subsequent year or fraction of a year that has elapsed since the date of sale, plus costs to redeem. A premium of 20% is paid each year when the parcel is bid into the county. (OCGA 48-4-42) When the property has been redeemed (all monies paid as prescribed by law), the purchaser shall then issue a quitclaim deed to the owner of the property (as stated on the fi.fa.) releasing the property from the tax deed. Effective July 1, 2006, when property is redeemed the quitclaim deed prepared by the purchaser shall include a recital indicating the name of the person who paid the redemption money and the capacity in which or the claim of right or interest to which the money was paid. The quitclaim deed shall be presented when payment is received or within 7 days from the date of the payment. The deed must be recorded in the county of the tax sale and the purchaser shall pay the recording cost and return the recorded deed to the redeemer. (0CGA 48-4-44) The redemption of the property shall put the title conveyed by the tax sale back to the owner, subject to all liens that existed at the time of the tax sale. If the redemption was made by any creditor of the owner or by any person having any interest in the property, the amount expended by the creditor or the person interested shall constitute a first lien on the property. (OCGA 48-4-21, 48-4-40, 48-4-41, 48-4-42, 48-4-43 and 48-4-44) NOTICE OF FORECLOSURE OF RIGHT TO REDEEM After twelve (12) months from the date of the tax sale, the purchaser at the tax sale may terminate or foreclose (bar) the owner’s right to redeem the property by causing a notice or notices of foreclosure to be served by certified mail to the owner of record and to all interest holders which appear on the public record. In addition, the notice of foreclosure is to be published in the county in which the property is located, once a week for four (4) consecutive weeks. If the redemption is not made until after the notice has been given, then the costs of serving the notice or notices and publishing the notice shall be added to the
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redemption price to cover the cost of making the necessary examinations to determine the persons upon whom notice should be served. (OCGA 48-4-42, 48-4-45 and 48-4-46) Any questions about this foreclosure process should be referred to an attorney. AFTER THE RIGHT OF REDEMPTION IS FORECLOSED After foreclosing the right of redemption, we recommend that the purchaser seek legal advice regarding the petition to quiet title in land pursuant to OCGA 23-3-60. Under the action, the petitioner (tax deed purchaser) makes a request to the court to take jurisdiction over the matter. The court then appoints a Special Master (third party) to examine the petition and exhibits to determine who is entitled to notice. The petitioner will then ask the court to issue a decree establishing his/her title in the land against “all the world” and that all “clouds to petitioner’s title to the land be removed” and that “said decree be recorded as provided by law.” RIPENING OF THE TAX DEED TITLE BY PRESCRIPTION – AN ALTERNATIVE METHOD – The term prescription refers to a process whereby, over a period of time a tax deed becomes a fee simple title. This process promotes an alternative method to obtain fee simple title without the legal intricacies of the foreclosure process. A title under a tax deed properly executed at a valid and legal sale prior to July 1, 1989, shall ripen by prescription after a period of seven (7) years from the date of execution of that deed. (OCGA 48-4-48) A title under a tax deed executed on or after July 1, 1989, but before July 1, 1996, shall ripen by prescription after a period of four (4) years from the execution of that deed. (OCGA 48-4-48) A title under a tax deed properly executed on or after July 1, 1996, at a valid and legal sale shall ripen by prescription after a period of four (4) years from the recordation of that deed in the land records in the county in which said land is located. (OCGA 48-4-48) Notice of foreclosure of the right to redeem is not required in order for the title to ripen by prescription. In order to protect your tax sale investment, subsequent taxes should be paid.
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SUBSEQUENT TAX SALES Until the right of redemption has been foreclosed or the title has ripened by prescription, a tax deed has the same force and effect as a lien. Since defeasible title has been conveyed to the tax deed purchaser, liability for subsequent taxes would be the same as any other superior lien holder. If there is a subsequent tax sale of the same parcel, the tax deed purchaser will be listed as the owner along with the defendant in fi.fa. (Record owner) for purposes of levy and sale, despite not having foreclosed the right of redemption or having the tax deed ripen by prescription. Therefore, the tax deed purchaser may wish to consider the best possible avenue to protect their initial tax sale investment. Even though the tax deed purchaser may receive tax bills for subsequent taxes, the owner of record will continue to be the defendant in fi.fa. If and when the tax deed purchaser forecloses the right to redeem or the tax deed ripens by prescription and the tax deed purchaser takes possession, the tax deed purchaser becomes the record owner. QUESTIONS If you have questions about tax sales after reading this booklet, please visit the State of Georgia web site at www.legis.ga.gov to read the applicable laws on the procedures referenced in this booklet. For general tax information, you can visit our web site at www.cobbtax.org or visit the Cobb County web site for information and online services at www.cobbcountyga.gov. To access copies of documents on public record for property ownership and security holder visit the Superior Court web site at www.cobbgasupctclk.com.
Cobb Georgia Tax Sale
March 18, 2009
Tax Sales
Tax sales are held on the first Tuesday of each month, between the hours of 10 am and 4 pm on the steps of the Superior Court building (except when the first Tuesday of the month falls on a legal holiday in which case the sale is held the next business day). Properties scheduled for tax sale may be reviewed in the Levy Department of the Tax Commissioner’s Office. A listing of the properties may also be found in the Friday edition of the Marietta Daily Journal for a four-week period prior to the sale.
Starting bid lists may be picked up after 12 noon the Friday before the sale in the Levy Department. You do not need to pre-register to bid at the tax sale; however, you must be present in order to bid. We do not accept mail, phone, or fax bids. The opening bid for a particular property is the amount of tax due, plus penalties, and all applicable other costs. The property is sold to the highest bidder. We require payment in full upon conclusion of the tax sale. Payment must be in the form of cash, certified check, cashiers check, or money order. If there is any excess after paying taxes, costs, and all expenses of a sale, the tax commissioner or tax collector may file an interpleader action in superior court for the payment of the amount of such excess. Such excess shall be distributed by the superior court to intended parties, including the owner as their interest appears and in the order of priority in which their interest exists (OCGA 48-4-5). Any properties not receiving a bid may be re-auctioned that afternoon at
3:00 p.m.
The tax sale purchaser receives a tax deed to the property. However, they cannot take immediate possession of the property, make any improvements to the property, evict any tenants, or move onto the property. Georgia law allows the property owner, or anyone with any right, title or interest in the property to repurchase (redeem) the property. Until the right of redemption has been foreclosed or the title has ripened by prescription, a tax deed has the same force and effect as a lien.
Right of Redemption
When real property is sold at a tax sale, the owner, creditor, or any person having an interest in the property may redeem (repurchase) the property from the holder of the tax deed within 12 months.
The redemption price is the bid amount, plus any taxes paid by the purchaser after the tax sale, plus any special assessments on the property, plus a 20% premium of the amount for the first year or fraction of a year which has elapsed since the date of sale, and a 10% premium for each additional year or fraction of a year thereafter, plus the sheriff and advertisement costs. The tax sale purchaser is responsible for determining the amount payable for redemption.
Redemption of the property puts the title conveyed by the tax sale back to the owner of record subject to all liens that existed at the time of the tax sale.
Notice of Foreclosure of Right to Redeem
After 12 months from the date of the tax sale, the purchaser at the tax sale may terminate or foreclose on the owner’s right to redeem the property by causing a notice(s) of the foreclosure to be served by certified mail to the owner of record and to all interest holders which appear on the public record. In addition, the notice of foreclosure is to be published in the newspaper in the county in which the property is located once a week for four consecutive weeks.
For more information on Tax Sales, please click here to obtain a copy of our “Real Property Tax Sales” booklet.
Jefferson Texas Tax Sale
March 18, 2009
DELINQUENT TAX SALE
JEFFERSON COUNTY, TEXAS
GENERAL INFORMATION REGARDING THE TAX SALE
| The following is important information regarding the property for sale. You must carefully read this information and evaluate these facts in light of your anticipated use of the property. | |
| 1) | The property will be sold at public auction and will be sold for cash to the highest bidder, based on oral bids. The rules covering auctions generally will apply. Purchasers must pay for their property with cash or a cashiers check payable to the Jefferson County Sheriff’s Department. |
| 2a) | Original Sale. The amount of the opening bid is set out next to each tract, and the bidding must start at that figure or higher, and sums less than the given figure cannot be accepted. |
| 2b) | Absolute Sale. The amount of the suggested opening bid is set out next to each tract or will be stated by the auctioneer at the time the property is offered for sale. Bidding may start at that figure. Bids less than the suggested starting bid may be accepted at the discretion of the tax assessor-collector. The tax assessor reserves the right to set the minimum bid on any property. Properties so designated will be noted orally and in writing. |
| 3) | Any successful bidder who fails to make payment shall be held liable for twenty percent of the value of the property plus costs incurred as a result of the bidder’s default pursuant to Rule 652 of the Texas Rules of Civil Procedure. If the property is later sold at another absolute auction, but the bid does not meet the minimum required to cover taxes and cost due, then you will be held liable for the difference. |
| 4) | Purchasers at this tax foreclosure sale will receive an ordinary type of sheriff’s deed which is without warranty, express or implied. The property is being sold “as is.” |
| 5) | All property purchased at this sale may be subject to a statutory right of redemption. This redemption period commences to run from the date the original sheriff sale deed was filed for record in the County Clerk’s office. There is a two-year right of redemption for homestead property and property appraised as agricultural land. There is a six-month right of redemption for all other property. It is the bidder’s responsibility to determine the redemption period. |
| 6) | Anyone having a legal interest in the property at the time of the original Sheriff’s Sale may redeem the property from the purchaser during the redemption period. The redemption price is set by the Property Tax Code. |
| 7) | Anyone redeeming the property is required to reimburse the purchaser for any costs paid by the purchaser described in paragraph 34.21 (g)(2) of the State Property Tax code: “Costs include the amount reasonably spent by the purchaser for the maintenance, preservation, and safekeeping of the property . . . “ |
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Since purchasers will only have a sheriff’s deed to the property, a policy of title insurance may be difficult to obtain. |
| 9) | This sale includes taxes through all tax years which were delinquent at the date of judgment. This may or may not include the most recent tax year. You must inquire as to which tax years are included on the property you are interested in purchasing. You will be required to pay the taxes for the tax years which became due since the date of judgment. |
| 10) | It will be necessary for the bidders to satisfy themselves concerning location of the property on the ground prior to the sale. Maps and plats of these properties are on file in the office of the County Clerk, and all papers in the lawsuit(s) on which this sale is based are on file in the office of the District Clerk. The approximate property address reflected herein is the address on the tax records and may or may not be completely accurate. The Tax Office suggests that you do not purchase any property based on any slides shown at the sale unless you have personally viewed the property and the associated maps or plats in the office of the Jefferson County Tax Assessor-Collector. |
| 11) | Prior to the day of the sale, a bidder must request a Statement of No Delinquent Taxes Owed (see link below), from the Jefferson County Tax Office. |
| 12) | A bidder at the sale must be registered, at the time the sale begins, with the person conducting the sale. The bidder must submit a Statement of No Delinquent Taxes Owed (see link below) to the person conducting the sale, in order to register. |