What happens when property is sold for delinquent tax?
A. When your property is sold at tax sale you have a year and a day to redeem (means to buy back) your property. During the time after the sale up to the year of redemption, your redemption amount increases by 3% of the bid amount quarterly, but it will not increase more than the amount of what the tax was sold for. Ex. If your taxes is sold for $300.00 and the bidder bid $5,000 to buy your property, for the first three (3) months you will have to pay 3% of the $5,000 (=$150) plus the tax amount of $300 (=$450), if property is not redeemed in 1st quarter (3%) then another 3% of bid amount is added to tax amount $(150), so the amount to redeem for 2nd quarter (6%) is (= $600) and so forth, but when the interest on the bid amount equals or is greater than the tax due, the amount to redeem will not go higher than the tax amount it was sold for, even if it is redeemed in the 4th quarter (12%). So the most you will pay to redeem your property is equal the amount of tax due or opening bid am
Related Questions
- If my property is sold at the Delinquent Tax Sale, what happens to any leftover money after the taxes, penalties, levy costs and interest are paid?
- What is a Tax Sale? What happens to a property if it is sold at Tax Sale and can I get my property back?
- What happens when property is sold for delinquent tax?
