County Changes Tax Deed Sales Laws To Favor Residents
May 16th, 2011
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]. This will hold true even if there are other liens against the property, such as with one parcel that sold for $52,000 and may still have bank and Medicaid liens against it according to the county. The tax liens were only $6,154. When the property sold, the county treasurer emphasized to the new owners that “the county couldn’t make any guarantees that there won’t be future claims made against the property.”
This particular county has had trouble with its tax auctions in the past. Bidders in previous auctions protested after their purchase because parcels of property were so remote that they could only be accessed by helicopter. The county prosecutor was careful to point out that “What you buy is what you get” before the most recent auction got started.
Do you think that it is good policy to pay the owners of properties up for tax auction the difference once the taxes are paid even if there may be other debts outstanding that have not been cleared?
Thank you for reading REJournalOnline’s Tax Deeds Newsletter!
Let us know what you think of this auction format in the space below.
[1] http://www.magicvalley.com/news/local/mini-cassia/article_d569c398-7ac1-11e0-bc03-001cc4c03286.html
May 16th, 2011 at 9:50 AM
Texas is a tax deed state, but when they auction a property, depending on it’s exemptions, (agriculture, homestead, etc) the owner of record will have a redemption period to pay penalties and bid price in order to reclaim their property. If they do not do so, they will still have a two year period to claim any “excess proceeds” left after the sale… but only until ALL other liens and claims have been paid out of the overages… Therefore I believe that should apply to all auctions…..
May 17th, 2011 at 5:18 AM
Here’s what I think: fire public workers, outlaw property tax. It’s nice that this massive economic recovery(ha) has decimated my family and many others yet I still get a huge tax bill shoved up my ass every year by people who refuse to join the depression on the backs of the rest of us. F*** all of them, I would just assume the US hurry up and collapse becasue the bastards can’t take us all on.