INDEPENDENCE–On July 17th, the Town of Independence will host its annual Tax Certificate sale at CivicSource.com.
The online auction opens at 8:00 a.m. and ends at 8:00 p.m., subject to a sliding close. Over 30 properties are slated to go to auction, ranging in price from $398 to $655.
The sale is 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 3-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% penalty and an interest rate of 1% per month for the duration of the 3-year redemptive period. Tax certificate sales are a low-bid wins style auctions, 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 3-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.
For more information on the Louisiana Tax Certificate sale process or to view upcoming auctions, visit CivicSource.com.
Original article found here: http://www.actionnews17.com/news/indy-holds-annual-delinquent-property-tax-certificate-sale-2308718