From September 10th to September 12th the City of New Orleans will host a tax title sale at http://www.CivicSource.com. By hosting the sale online, bidders that would not normally be able to attend the auction in person are still able to participate.
Currently over 2000 properties are slated to go to sale ranging in price from $125 to $484,000. This sale is open to the general public. Free registration and a list of available properties are now available at http://www.civicsource.com. Interested parties without access to a computer can participate in the auction via kiosks to be set up in City Hall on auction days.
A tax title sale is the sale of delinquent taxes on a real estate property tax bill. The tax titles for these properties are sold to the public for the amount of the delinquent taxes due, plus any accrued interest, penalties, costs and other statutory impositions. The tax title sale is a low-bid wins style auction in which the property is sold to the purchaser willing to bid on the least percent ownership interest in the property.
Winning bidders do not immediately own the property. The property owner can redeem the property by repaying the tax collector only for the purchase price, plus redemption penalty and interest. If the property is not redeemed within three years (eighteen months for legally blighted properties) the tax title holder can pursue the property’s title.
Winning bidders of the tax sale are expected to pay for their purchases within 72 hours of the close of the auction. Payment must be made in one installment and all sales are final.
This auction can be viewed on the CivicSource.com website. Using the convenient search options, bidders can set the parameters for any property that falls within their interests and budget.
CivicSource Auctioneer®, a product of Archon Information Systems, is an online tax sale application, which allows municipalities to effortlessly host a tax sale via the Internet. With CivicSource Auctioneer®, every aspect of the online tax sale, including registration, browsing, bidding and payment processing, is electronically managed and implemented to meet the specific legal requirements set forth by local legislation. For more information call (888) 387-8033 or visit http://www.civicsource.com.
Originally press release found here.