Tax lien session to help bidders
Published 12:19 am Sunday, August 8, 2010
An informational meeting a week prior to the upcoming tax lien sale is geared to answer prospective bidders’ questions.
Ironton attorney Mark McCown will be the main speaker at the meeting set for 11 a.m. Monday, Aug. 16, at the commission chambers.
“He will go through the steps, the procedure, for purchasing property through the tax lien sale,” County Treasurer Stephen Burcham said. “We are hoping to have a couple of other attorneys as well.”
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The tax lien sale, scheduled for Monday, Aug. 23, at the Lawrence County Courthouse, will be on 300 delinquent parcels. In this kind of sale, the successful bidder pays only the back taxes on the property, plus administrative costs, penalties and interest.
However, the potential buyers bid not on the taxes or the property value, but on an interest rate they may receive if the current property owner redeems the parcel. Owners have one year in which to pay all taxes and get their property back. If they do or if mortgage holders redeem the property, they must pay the lien sale buyer the amount of the back taxes, plus a specified interest rate on those taxes.
Determining that rate, which starts at 18 percent and goes down in quarter points, is the purpose of the tax lien sale.
“Since this is the first time we have done one of these type of sales, we want to get as much information out about this,” Burcham said. “I’m encouraging everyone to come who is interested in bidding. I would highly recommend if you don’t go to this, speak with a qualified attorney familiar with those provisions of the law.”