Government Tax Sale Property – Pay Your Property Taxes To Avoid Sale

It is common logic by now that every property, which you buy, has property tax associated to it. Obviously, you need to make every effort to do so otherwise your local government will put your property on the auction block. There was a time when many citizens simply avoided paying their property tax but once government agencies realized that not everyone was paying their property tax, the concept of a tax liens followed by Government Tax Sale Property came into being.

Imagine your property being sold like a K Mart blue light special just because you failed to pay your property taxes. Imagine your property being sold at a much lower price than you paid for it. Then imagine carrying that knowledge around with you.

However, before going on the auction block there is a process, which is as follows:

· The Office of the Treasurer certifies the tax sale list.

· Tax Sale notices are sent to property owners and any other party who wishes to buy the property on sale. Tax sale notices being sent to a property owner means that the property owner has defaulted in paying property tax.

· Properties eligible for sale are advertised in local newspapers and leading websites informing the readers of the property details and the date of auction of the property.

· On the date of auction of the property, the highest bidder becomes the owner of the property.

In the interim, property owners still have the time to pay the property tax up until the actual date of the auction. This is known as the redemption period however by this point not only will you have to pay the original tax, but you will also have to pay the penalties, which can be quite hefty.

Normally, these tax sales occur once a year. While there does exist a process to redeem the property. even after the tax sale, at that point there are so many accumulated penalties that have to be paid, there seems little in the way of a practical reason to do so.

Of course, there are times and circumstances where the owner of the property buys the property back at the auction, but that is a whole other subject that is not part of this discussion on Government Tax Sale Property. Nevertheless, should that be your plan for holding on to your property, the only advice we can give you, is have plenty of cash on hand. That is because there would be few, if any mortgage lenders, and particularly in today’s tightening credit market, who would be willing to loan on a Government Tax Sale Property buyer, who was the owner of record that had defaulted on the property tax in the first place.

Property Tax