How is the minimum bid for tax-defaulted property determined?
The minimum bid is comprised of the amount of tax and penalties required to redeem the parcel plus the Tax Collectors cost of sale. Neither the minimum bid nor the assessed value represents the propertys market value. Property is sold to the highest bidder for guaranteed funds in an amount no less than the minimum bid listed 3698.4(a)). If a property does not receive the minimum bid, the Tax Collector may, at his discretion, re-offer the parcel at the end of the auction at a reduced minimum bid 3698.5(c)), re-offer the property within ninety days 3692(e)), or hold the property until the next annually scheduled auction. Under no circumstances is property sold over the counter.
The minimum bid is comprised of the amount of tax and penalties required to redeem the parcel plus the Tax Collectors cost of sale. Neither the minimum bid nor the assessed value represents the propertys market value. Property is sold to the highest bidder for guaranteed funds in an amount no less than the minimum bid listed 3698.4(a)). If a property does not receive the minimum bid, the Tax Collector will re-offer the parcel at the end of the auction at a reduced minimum bid starting May 6, 2010 through May 10, 2010 online with Bid4Assests (3692(e)), or hold the property until the next annually scheduled auction. Under no circumstances is property sold over the counter.
