Category Archives: Tax Lien Investing
Tax Auction Scandal: Selectman’s Wife Acquires Home in Sketchy Tax Sale
When Laurie Chambers, the wife of a Maine selectman, acquired the home of a local, ailing widower for the small sum of $20,000 in a tax auction, eyebrows rose around the area[1]. The $229,300 (or $172,000, depending on which party is doing the assessing) home, which was in foreclosure due to more than $7,000 in … Continue reading
Michigan County About to Change Property Tax Foreclosure Policy
Macomb County in Michigan has a long-standing policy of not foreclosing on occupied homes of people who fail to pay their property taxes. That is likely to change, however, thanks to a failure on the part of these homeowners to pay even with payment plan options, says country treasurer Ted Wahby, who believes that his … Continue reading
Critics Allege Tax Lien Buyers are Costing Cities Money
One expert believes that city governments are actually losing money by selling tax liens because tax lien investors “tie up the most valuable properties” in an area and foreclose on others, ultimately “costing the city more money than the properties are worth.” Bill Patteson, a spokesman for Jefferson County, Kentucky attorney Mike O’Connell, believes that … Continue reading
County Changes Tax Deed Sales Laws to Favor Residents
In Cassia County, Idaho, tax deed auctions are going to have more potential to help out struggling homeowners in the future. While in the past proceeds in excess of the amount owed on a property were awarded to the local government, now the former owners of the properties up for sale will receive those monies[1]. … Continue reading
Michigan County Treasurer Overruled in Refusal to Give City Right to Buy Tax-Foreclosed Lots at Cost
Richard F. Brzezinski wanted to get as much money out of each property tax foreclosure in his county as possible. Unfortunately, this brought him directly up against the his own city government and the Bay County treasurer has been overruled and ordered to sell tax-foreclosed property to the City of Bay City at cost rather … Continue reading
Blighted Tax Auction in New Orleans
Before hurricane Katrina, the city of New Orleans had a blight problem. In the wake of the storm – indeed, nearly six years after the fact – the natural disaster is still escalating the problem. However, the city hoped to alleviate financial woes and diminish its blight problem via a tax auction last Saturday[1]. The … Continue reading
California County Returns Tax-Auction Property to Delinquent Owners
In 2005, Tulare County in California auctioned off a piece of land containing part – but not all – of the delinquent owner’s vacation property. Yesterday, that auction was rescinded and the land returned[1]. The owners had invested more than $200,000 in the land and in fixing up the vacation home for retirement. After the … Continue reading
Indiana County Struggles with Unsold Tax Properties
In Marion County, Indiana, tax lien sales are used to help the county government recoup losses when property owners fail to pay their taxes. Unfortunately, the system is “backing up” as unsold, delinquent properties pile up debt and fail to move at the auctions[1]. For example, one structurally unsound, vacant motel property has outstanding taxes … Continue reading
Georgia Continues to Struggle with Tax Lien Sale Abuse
Georgia’s Fulton County is notorious for its tax sales. There are few places in the country with more “homeowner horror stories” about massively inflated tax bills, loss of homes by the elderly and infirm and county corruption causing officials to actually work for tax lien sales versus tax lien redemption. However, the state senate hopes … Continue reading
Property Tax Appeals Skyrocket
As real estate prices continue to fall in the residential sector, more and more homeowners are hoping to cut their losses at least a little by cutting their property taxes as well. In fact, in states like New Jersey, the number of appeals has tripled in the past four years and, in many areas, the … Continue reading