On June 5, the Iberia Parish Sheriff’s Office and city of New Iberia will put on their annual tax certificate sales at CivicSource.com.
The online auctions open at 8 a.m. and end at 8 p.m., subject to a sliding close. More than 500 properties are scheduled to go to auction between the two sales, ranging in price from $232 to $11,462. The sales are open to the public.
Free bidder registration and a list of tax sale properties are available at CivicSource.com.
A tax certificate is an interest-bearing lien on a tax-delinquent property that can be converted into a deed after a three-year redemptive period. Certificates are sold by a taxing authority at a public auction for the amount of the delinquent taxes due, plus any accrued interest, penalties, costs and other statutory impositions.
In Louisiana, tax certificate purchasers receive a 5 percent penalty and an interest rate of 1 percent per month for the duration of the 3-year redemptive period. Tax certificate sales are 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. If the property is not redeemed by the delinquent owner within the three year redemptive period, the investor can file to acquire ownership in the property based on his or her bid amount.
Winning bidders of the tax sale are expected to pay for their purchases within 24 hours of the close of the auction. Payment must be made in one installment and all sales are final.