Property tax sale

As long as property taxes are not paid to a tax authority before the tax due date. Taxes become delinquent. Then that can create an uplink over any other link, including the mortgage. A property tax judgment / lien may be imposed, and will remain until taxes, interest, penalties, fees, and back costs are paid.

The link allows the tax agency to sell the property to pay back taxes owed. If the property is sold for back taxes and the redemption period has expired, the property owner and other parties interested in the property will lose all rights to the property and the title is transferred to the new buyer free and unattached. .

A sales tax is the sale of a property by a tax authority through a court official who acts on a judgment to satisfy payment of delinquent taxes.

The tax office will send the delinquent owner and the note holder notices of the delinquent and imminent sale. However, if the assignments were not recorded correctly or the administrator does not act, the sales can be discarded.

Once all state and county law procedures are followed and if the owner has not responded to the tax office, the tax office notifies all parties interested in the property and a tax sale date is set. or tax auction. The sale of the property for non-payment of taxes can be announced in the local newspaper and / or notices provided to the note holder. The term tax sale and tax auction are used interchangeably and have the same meaning, the terminology differs by county or state.

The tax sale auction generally occurs in county court, similar to a foreclosure sale. On the day of the sale, the person with the highest successful bid is the winner. The bid amount is usually sufficient to pay all unpaid taxes and other expenses, penalties, interest, fees, and costs due to the listing. At that time, all rights of the initial owner cease to exist, except for redemption rights. The right of redemption is the act of paying delinquent taxes, plus penalties, interest and fees, after the tax sale / auction has taken place, but before the property is officially transferred to the buyer of the tax sale . So if the initial owner chooses not to trade in the property, the buyer of the tax sale would own the property free and clean after the redemption period expires, or the deed has expired and recorded. Each state has its own redemption period once it has been purchased at a tax sale auction. Visit: http://taxsaleproperty.blogspot.com for more information.

If the buyer of the tax sale pays more than the back taxes and the cost of the tax sale, the excess if called: surplus.

The new owner of a tax sale property does not assume the mortgage payments, but the mortgage is extinguished and the new buyer can initiate the eviction process.

If there is no interest in the property, or no one successfully bids for it, the parcel in question becomes the property of the municipality, municipality, village or town. They often do with property what they please. Usually it is listed in a real estate company and an attempt is made to sell it at market value. Most counties are not in the business of acquiring property; Instead, they simply want to get back the tax dollars owed. Even if that means selling purchased real estate.