SHREVEPORT, LA (Feb. 15, 2017) – Caddo Parish and the City of Shreveport are taking the necessary steps to sell thousands of adjudicated properties through a new online auction process. Beginning at Noon on February 20, 2017, over 1,000 adjudicated properties will be listed for sale at CivicSource.com. These properties were adjudicated due to unpaid property taxes. The properties went unsold at tax sale and in many cases, have been off the tax rolls for years, not generating annual tax revenues.
Caddo Parish and the City of Shreveport are collaborating with CivicSource to auction the tax delinquent properties. The sales will place these properties back on the tax rolls, return them to commerce and generate significant, recurring annual tax revenues. Only properties that have been adjudicated for more than five years will available. The sale will provide winning bidders with full ownership of each property including title insurance.
“By finding an innovative way to return these properties to commerce, the parish and the city are recouping important revenue,” said Jimmy Whittington, Caddo Parish Right of Way Representative. “We have upwards of 9,000 properties that are currently being evaluated for future auctions or redemption. We will continue to list new properties on CivicSource.com each month until the parish and city have exhausted the backlog of adjudicated properties.”
The online auction replaces the traditional adjudication sale held at Government Plaza where participants were required to be present during the auction process. By hosting the sale online, bidders who would not normally be able to attend the auction in person are still able to participate from their homes or place of business.
“This is a great opportunity for us to clean up our city and restore communities,” said Mayor Ollie Tyler. “Our partnership with CivicSource makes it easier for investors to purchase adjudicated properties and quickly remove or restore blighted buildings. This will make a tremendous difference in addressing some of the challenges we face in some of our neighborhoods.”
Malcolm Stadtlander, Property Management Administrator for the City of Shreveport, is glad to work with CivicSource.
“We are excited about the opportunity of increasing our sales of adjudicated properties, by partnering with CivicSource. Offering these properties for sale with a warranted title will create a larger field of potential buyers,” Stadtlander said. “I am positive that we will increase our sales of adjudicated properties, which will benefit the City of Shreveport by getting the properties back on the active tax rolls.”
CivicSource has already proven successful in other communities across the state. Since launching in July 2015, the auctions have collected over $20 million in unbudgeted revenue through the sale of over 1,000 properties. Parish and city officials are hopeful these auctions will help spur new development, reduce blight and strengthen neighborhoods across parish.
“One of the Parish’s highest priorities is to ensure our citizens’ confidence in their communities to provide a stable environment to work and raise a family,” said Dr. Woodrow Wilson, Caddo Parish Administrator. “Our partnership with entities such as CivicSource makes it easier for these properties to be responsibly purchased and helps to stabilize our neighborhoods and our property values,” said Wilson.
The adjudicated properties will be plotted on a map and each property will include a detailed description. Registered users nominate properties for auction through an $850 deposit. The initial $850 deposit will go toward the sale price of the winning bid. Online auctions for adjudicated properties are held on the first Wednesday of every month, from 8:00 a.m. to 8:00 p.m., subject to a rolling close in the case of last-minute competitive bidding.
Complete details about the online auction process are available at www.civicsource.com/help, or interested buyers can call (888) 387-8033, Monday-Friday from 8a.m.-5p.m. to speak with a help representative from CivicSource and have their questions answered.
On Tuesday, February 21, 2017, CivicSource will hold a public information session for purchasing adjudicated real estate at 6:00 p.m. at DiamondJacks Casino Sapphire Garnet Salon located at 711 Diamond Jacks Blvd. Bossier City, LA 71111. If you would like to attend the public information session, email your RSVP to RSVP@CivicSource.com.
CivicSource is the leading auctioneer of tax-distressed real estate. From tax sales to adjudication auctions, CivicSource digitizes due process compliance to ensure legally valid sales. Founded in 2008, New Orleans based CivicSource has been recognized by Inc. Magazine’s 500|5000 as one of “America’s Fastest Growing Companies” and has been recognized as the one of the Best Places to work in New Orleans for the past five years, receiving the designation “Best Place to Work” in 2014. www.CivicSource.com