TSR’s Customer Operations Liaisons (COL) work directly with customers to make sure that all of their tax sale data needs have been met. COL’s are available to answer questions, receive and deliver list orders, etc.
If you haven’t had a chance to connect with a COL, please take a few minutes to do so. The pictures below are shown left to right: Data Acquisitions Director: Autumn La Duke, VP Business Development: Carissa Jenkins, and Chief Operations Officer: Rachel Seidensticker.
We recently spoke with the COL’s to ask them some fun fact questions:
Autumn La Duke – firstname.lastname@example.org
- Favorite Color: Black
- Favorite Holiday: Christmas
- Favorite part of working at TSR: The people!
Carissa Jenkins – email@example.com
- Favorite Color: Blue
- Favorite Holiday: Christmas
- Favorite part of working at TSR: Being a part of a team of go-getters. Everyone works towards the mission of TSR. We all believe in providing premier products and services along with exceptional customer service.
Rachel Seidensticker – firstname.lastname@example.org
- Favorite Color: Orange
- Favorite Holiday: 4th of July…. it is a time for family gathering, bbq’s, sunshine, and I love a good fireworks show!
- Favorite part of working at TSR: I enjoy the challenge that the tax lien industry presents every day and the team that I have to conquer those challenges. TSR provides a dynamic work space. Giving our customers a quality product that makes their life easier is incredibly satisfying.
Please take your time to learn more about our Customer Operations Liaisons, by checking out their LinkedIn profiles. Click on their pictures below or contact email@example.com. Our COL’s would love to talk to you and are diligent in responding within 24 hours!
Indiana is primarily a tax lien state, but it also sells tax deeds. The tax sale is the responsibility of the county treasurer or county auditor, depending on the county. The exact procedures by which a county conducts a tax sale may differ from county to county. The redemption period for a tax lien purchased in the county tax sale is one year. Liens that are not sold at the county tax sale are certified to the county commissioner and sold later in the commissioners certificate sale. These liens have a redemption period of 120 days (four months).
Indiana has a penalty, not an interest rate on the certificate amount, but interest is paid on the overbid amount. The penalty varies from 10%, if the lien is redeemed in the first six months after the sale, to 15% if the lien is redeemed after six months but before the one-year redemption period is over. After one year, the owner cannot redeem. The lien purchaser must apply for a tax deed within six months of the end of the redemption period or lose their investment.
The premium bid method is utilized, and if the lien is redeemed, you do receive interest (10% per annum) on the premium amount (referred to as the “tax sale overbid”). You also receive 10% per annum interest on any subsequent taxes paid. The purchaser will be issued a receipt that is to be used when picking up the tax sale certificate.
The minimum bid is equal to all taxes, penalties, and special assessments presently due on the parcel plus an added fee for administrative costs. Fees cited on the county websites that published this information ranged from $200.00 – $440.00. These fees may include not only the cost of the sale, but notification and petition to the court for a tax deed. Not all counties take care of this however, and if you purchase a tax lien certificate in a county that does not, pay strict attention to requirements for doing so. If you don’t adhere to deadlines for notices petitioning the court for a deed, you could lose your investment and any claim to the property.
If for any reason the tax sale is found to be invalid before the lien is redeemed or a tax deed issued, the purchaser will not receive a deed but shall be refunded the purchase price plus 6% per annum interest. If the sale is found to be invalid after the execution of a tax deed, the deed will be invalid and the buyer is entitled to a lien on the property in the amount of the purchase price and subsequent taxes paid plus interest at 10% per annum.
TSR has scheduled all of the Indiana tax sales for this fall! Some of the counties include Lake, Benton, Putnam, Cass, Clark, Gibson, and many more! Click here to view the calendar of all upcoming sales http://www.taxsaleresources.com/StateCalendar.aspx?state_id=17. Feel free to contact us if you have any questions or would like to order a specific Indiana list at firstname.lastname@example.org.
TSR has jointly developed a flood zone hazard data analysis that can be appended to every single property just like the standard and environmental hazard data we already provide. With extreme flooding in several states over the past few years, it was important that TSR provide a solution to minimize your risk without having to expend the effort of analyzing each parcel individually.
With a quick flood risk assessment (low, moderate, or high) and details regarding how the property relates floodplains (yearly, 100 year, and 500 year), it will allow you accurately analyze your risk to your assets and make informed investment decisions.
Flood Zone Hazard Data Format
Flood Risk (FLD_CLASS) – Gives the flood likelihood class (function of the zone) in one of the following:
- High (>1% annual chance of flood event)
- Moderate (between 0.2% and 1%)
- Minimal (<0.2%)
Special Flood Hazard Area (SFHA) – Defines whether the property falls within a floodplain and is high risk. (F indicates “False” and the property is not within a defined floodplain. T indicates “True” and the property is at high risk.
Distance to 100 Year Floodplain (DIST1_100) – Gives the distance to the 1% (AKA 1 in 100yr) floodplain limit as the crow flies (zero implies the property is inside the 1% boundary).
Distance to 500 Year Floodplain (DIST1_500) – Gives the distance to the 0.2% (AKA 1 in 500yr) floodplain limit as the crow flies (zero implies the property is inside the 0.2% boundary).
Base Flood Elevation Water Surface Elevation (BFE_WSEL ) – Represents the vertical distance from the subject property to the local water level in the 1% flood scenario for each property (-9999 indicates a very low risk of flooding).
Please contact us today at email@example.com for more information!
New Jersey is a very popular tax lien state. The interest rate is 18% per annum and the redemption period is two years. There is also a penalty in addition to the interest. The penalty is from 2-6% depending on the certificate amount, and is only paid on the certificate amount, not on subsequent tax payments.
New Jersey tax sales are conducted on the municipal level, not by the county. It is the municipal tax collector who is in charge of the tax sale. Most municipalities allow you to register for the tax sale immediately before the start of the sale. In some of the smaller municipalities, all you need to do is sign your name on a list of bidders and you don’t have to fill out a bidder information sheet or W-9 form unless you actually purchase a lien. Only the larger cities and towns require advanced registration in order to bid.
The bidding procedure is different from other states in that the interest rate is bid down and then the premium is up for bid. If you bid on the premium you don’t get any interest on the certificate amount, however you do get interest on the subsequent tax payments. Interest on subs is 8% per annum until $1,500 is owed, then it’s 18%. If you purchase a tax lien certificate that is $1,500 or more, all of your subs will earn 18% per annum.
Payment must be made immediately after the sale with cash, certified funds, or money order. A few of the more sophisticated municipalities will take payment by wire transfer, but most will not. Some tax collectors will not let you leave the sale to secure funds, so you must have them on hand.
There is a ten-day grace period after the sale in which the lien can be redeemed without penalty. The lien purchaser will have to wait until the ten-day grace period is over in order to pay any subsequent taxes. A “tax lien certificate” is issued to the lien purchaser within ten days and it must be recorded with the county clerk within three months of the sale. If the certificate is not recorded with the county, all you have is a piece of paper and no lien.
Leftover liens not sold at the tax lien sale may be sold “over the counter.” Liens may also be sold or “assigned” to another investor. If the lien is not redeemed within the two year redemption period the purchaser may start foreclosure on the property. Foreclosure proceedings in New Jersey can be complicated, and it’s best to secure the services of an attorney who specializes in tax lien foreclosures. If no foreclosure action is taken after twenty years from the date of the sale, the tax lien certificate is void.
There are hundreds of municipalities in New Jersey and they each have a tax sale once a year. There is very little information on tax sales for New Jersey municipalities online. For most municipalities, all you’ll find is the contact information for the municipal tax collector.
TSR has been enhancing the data we provide in New Jersey while continuing our tradition of providing superior tax sale data and resources. We now offer the following in this state:
- Current assessment data directly from the county
- Comprehensive environmental data and enhanced environmental hazard analyses
- FEMA flood data and enhanced flood hazard analysis
We are the only company in the tax sale industry providing the above data in New Jersey. Our assessment data is current, unlike many providers that offer data that can be up to a year old.
For more information regarding New Jersey tax sales or to view the current available tax sale lists, please visit http://www.taxsaleresources.com/Jurisdictionspage.aspx?state_id=33. Please feel free contact us directly at firstname.lastname@example.org if you have any questions or are interested in a particular municipality.
Kentucky is a tax lien state. The redemption period is one year and the maximum rate of return is 12%. The lien holder can pay subsequent taxes that will also receive 12% interest per annum. Procedures for this state are unusual. Tax sales are referred to as “tax bill sales,” because they are actually selling the tax bill. Practicing thorough due diligence in this state is imperative for successful investing. Please refer to each county for specific bidding procedures.
Tax Sale Resources is producing lists for Kentucky six weeks in advance of the official sale date as released by the Department of Revenue. This is due to the different bidding procedures. Keep an eye on the state calendar for all upcoming tax sales http://www.taxsaleresources.com/StateCalendar.aspx?state_id=20.
All current tax sale lists are featured here http://www.taxsaleresources.com/taxsalelists.aspx?state_id=20. We are expecting availability of the following lists this week: Jefferson, Shelby, Breckenridge, and Bourbon.
For more information, please visit http://www.taxsaleresources.com/NewsAndUpdate.aspx?state_id=20 or contact us at email@example.com.
Florida is both a tax lien and tax deed state. The majority of the tax lien sales are held in May. The tax lien sales are referred to as tax certificate sales. The maximum interest rate is 18% and the redemption period is two years. The bidding procedure is bid down in ¼% intervals.
TSR has found that the following counties will be having sub-accounts this year. As many investors know, this is an ever-evolving development in the counties across Florida and has been for the last two years.
- Indian River
- St. Lucie
For more information about the Florida tax lien sales or to purchase a list, please visit http://www.taxsaleresources.com/NewsAndUpdate.aspx?state_id=11 or e-mail us at firstname.lastname@example.org!
As we head into a very busy spring for tax sales, TSR would like to keep you informed about which states have upcoming sales! Please click on the links to view additional information about each state.
- Alabama: This is a tax lien state. The interest rate is 12% and the redemption period is three years. The bidding procedure is bid up/premium. http://www.taxsaleresources.com/NewsAndUpdate.aspx?state_id=1
- Maryland: This is a tax lien state. Interest rates vary greatly by county. The redemption period is six months. Specific bidding procedures vary by county as well. Although, the one consistent bidding procedure is that every county is bid up/premium. http://www.taxsaleresources.com/NewsAndUpdate.aspx?state_id=23
- New Jersey: This is a tax lien state. The interest rate is 18% per annum and the redemption period is two years. There is also a penalty to the interest. The penalty is from 2-6% depending on the certificate amount, and is only paid on the certificate amount, not on subsequent tax payments. http://www.taxsaleresources.com/NewsAndUpdate.aspx?state_id=33
- Louisiana: This is a tax lien state. The “tax sale deed” that is issued to a successful bidder at the tax title sale, is not a deed to the property but a lien. Counties are known as “parishes” in Louisiana. http://www.taxsaleresources.com/NewsAndUpdate.aspx?state_id=21
- Georgia: This is a redeemable deed state. Deeds are sold within a one year right of redemption and a 20% penalty for the first year or fraction thereof. After the first year, the deed purchaser is entitled to an additional 10% penalty for each subsequent year or fraction of a year until the lien is redeemed. http://www.taxsaleresources.com/NewsAndUpdate.aspx?state_id=12
- Texas: This is a redeemable deed state with the highest rate of return of any lien or redeemable deed state. It is 25% per six months for non-homestead and non-agricultural properties. There are 254 counties in this state. http://www.taxsaleresources.com/NewsAndUpdate.aspx?state_id=48
- Florida (lien sales): This is both a tax lien and deed state. Although, the lien sales are coming up in May-June. Tax lien sales are referred to as tax certificate sales and are the responsibility of the county tax collector. The maximum interest rate is 18% and the redemption period is two years. The interest is bid down in ¼% intervals. http://www.taxsaleresources.com/NewsAndUpdate.aspx?state_id=11
- Iowa: This is a tax lien state. It has the second highest interest rate of all the tax lien states and the interest is not bid down at the tax sale. The interest rate is 2% per month (24% per annum) with a fraction of a month counting as a whole month. The redemption period is two years. With an unusual bidding procedure, the percent of ownership in the property is bid down. http://www.taxsaleresources.com/NewsAndUpdate.aspx?state_id=18
- Kentucky: The commonwealth of Kentucky is a tax lien state. Tax sales are the responsibility of the county sheriff’s office. The interest rate is 12% per annum and the redemption period is one year. The lien holder may pay subsequent taxes that will also receive interest of 12% per annum. http://www.taxsaleresources.com/NewsAndUpdate.aspx?state_id=20
- Montana: In this state, they sell both tax liens and tax deeds. Tax liens are available by assignment on a “first come first serve” basis. A “tax sale certificate” is issued to the purchaser. The interest rate on tax liens is 10% per annum and there is also a 2 % penalty. The redemption period is three years. http://www.taxsaleresources.com/NewsAndUpdate.aspx?state_id=29
For more information or to see a complete list of current tax sales, please visit http://www.taxsaleresources.com/lists.aspx. Feel free to contact us at email@example.com if you have any questions or special requests.
Maryland is a tax lien state. There are live and online tax sales and the redemption period is six months. Specific bidding procedures and interest rates vary by county. Although, the one consistent bidding procedure is that every county is bid up/premium. You are not required to pay the entire premium amount unless the lien is not redeemed. You must pay the premium, however, in order to foreclose the right of redemption.
Frederick County holds their tax sale in May. The interest rate is only 8%. You must register before the sale in order to bid and if you are bidding for an entity, registration must be submitted a few days before the sale. Parcels are sold for cash to the highest bidder.
Montgomery County holds its tax sale on the second Monday of June. Their tax sale procedures are somewhat complicated and differ from those used in other Maryland counties. They use a sealed bid process. The properties are divided into groups and bidders can bid on individual properties or groups of properties. Although they utilize the premium bid method, they have a very unique way of bidding. Instead of bidding up the price for a lien or group of liens, your bid consists of the percent of assessed value that you are willing to pay. All payments are done by wire transfer and you do not have to be present to bid.
Baltimore City (not to be confused with Baltimore County) holds their tax sale in May. Their online sale is held at: https://www.bidbaltimore.com. One group, or “batch” as they are referred to, is sold every hour. Advanced registration is required (usually one week in advanced) along with a non-refundable $100 registration fee via ACH debit (it will not be subtracted from the lien amount). You must also submit an IRS Form W-9 as well as a budget to cover the costs of your anticipated purchases. The same account will be used for the registration fee and certificates purchased.
Howard County holds its tax sale in May or June. In contrast with Montgomery County, Howard County requires bidders to register before the sale with a $500 deposit in cash or certified funds. You, or your representative, must be present to bid at the sale. The initial bid price is the amount owed plus interest, penalties, and the cost of the sale.
Harford County conducts their tax sale in June. The interest rate in Harford County is 12% per annum. They do require that you register before the sale and that you or a representative be present at the sale in order to bid. Although you do have to pay the certificate amount on the day of the sale, you do not have to pay any amount of the premium that you bid until you foreclose on the property. This is different from Montgomery and Howard Counties where you have to pay a certain percentage of the premium on the day of the sale.
Keep in mind that the redemption period in Maryland is short, only 6 months, and so is the time that you have to foreclose. If you do not take action to foreclose your lien in two years from the date of the sale, your certificate is void and you lose your investment.
For more information about Maryland visit http://www.taxsaleresources.com/NewsAndUpdate.aspx?state_id=23 or contact us at firstname.lastname@example.org.
The state of Tennessee sells redeemable deeds. The office of the county trustee handles tax sales in Tennessee. In larger counties, tax sales may be held throughout the year. The minimum bid is the total amount of taxes owed plus fees associated with the sale. The property is sold to the highest bidder. Full payment is required within 24 hours of the sale by cash, money order, or cashier’s check. Some counties will also accept personal checks. If payment is not made in the allotted time, legal action may be taken by the county against the bidder.
Once the sale is confirmed, the purchaser may request a deed from the chancery court clerk master. The confirmation date is typically 30 to 45 days after the date of the sale. Some counties require you to wait for the redemption period to end before issuing a deed. There is a one year right of redemption. The redemption amount is the amount bid at the sale plus interest (10% per annum). In addition, the court may award reimbursement for costs of maintaining the property during the purchaser’s ownership. Properties that are not purchased are bought by the county. If property bought by the county is not redeemed, it will then be added to the surplus property inventory at the end of the redemption period. At that time, the county trustee’s office may conduct a surplus property sale.
The state of Tennessee has 95 counties. Some counties have over the counter deeds available for purchase.
Shelby County has scheduled a redeemable deed sale for April 9, 2014. For more information about this particular sale, please visit http://www.taxsaleresources.com/NewsAndUpdate.aspx?state_id=47 or contact us at email@example.com.
As most investors know, the tax lien and tax deed industry is continually changing. It’s also talked about repeatedly in newspapers across the country. TSR attempts to stay as connected as possible to these changes so that we can better assist investors with their needs. We have come across several very interesting articles this month. Check them out!
** Please click on the following links and note the sources.
- February 24, 2014: Pennsylvania’s new lien law could monkeywrench REO sales in 6 ways – http://www.housingwire.com/articles/29069-pennsylvanias-new-lien-law-could-monkeywrench-reo-sales-in-6-ways
- February 21, 2014: Harp: Tax Hike May Be Coming – http://www.newhavenindependent.org/index.php/archives/entry/harp_take_hike_may_be_coming/id_65311
- February 21, 2014: Two sentenced in tax sale scheme; Rochman to be sentenced March 25 – http://thesouthern.com/news/local/two-sentenced-in-tax-sale-scheme-rochman-to-be-sentenced/article_59cbba49-f0d0-52c8-8c2a-cc92db212405.html
- February 20, 2014: Denby Bill Would Ease Interest Rates on Delinquent Taxes – http://whmi.com/news/article/19224
- February 20, 2014: Governor’s agenda includes going after delinquent property taxes – http://www.kuam.com/story/24783257/2014/02/21/governors-agenda-includes-going-after-delinquent-property-taxes
Check out TSR’s March issue of the Tax Sale Times newsletter for additional articles!