$50K in taxes collected at auction
Published 12:00 am Thursday, May 2, 2013
The county’s outstanding ad valorem tax balance is zero after Wednesday’s delinquent property tax sale.
Some 190 pieces of property were put on the block after owners failed to paid their annual property taxes, and tax officials are required by law to auction those off to cover any unpaid taxes.
County Revenue Commissioner Janice Hart said nearly 30 residents attended the day’s sale.
“And they bought every delinquent parcel we had,” she said. “While there was nothing that generated particular interest, people are interested because that first year, the person who buys the property earns 12 percent interest on their money invested. That’s pretty enticing. The second year, they only earn interest on the tax amount itself.”
Hart said the majority of the original property owners will pay the back taxes and regain their right of ownership.
“But, I’d say one-fourth (of the buyers) will get a tax deed to the property if the owner doesn’t come in within the three years and pay their taxes up. So, yes it very enticing because you have the opportunity to obtain a piece of property for just the taxes owed.”
The parcels sold Wednesday represented nearly $50,000 in unpaid taxes, plus advertising costs and late fees.