At least 1,500 parcels to be offered

 

Approximately $2 million worth of parcels will be put on the auction block for the latest tax lien sale conducted by the Lawrence County Treasurer’s Office.

“Every one is over one year of age, has been delinquent one year,” County Treasurer Stephen Burcham said.

The sale will be Monday, Jan. 7, starting at 10 a.m. at the Lawrence County Courthouse.

There will be at least 1,500 parcels at this sale. Burcham started having tax lien sales about two years ago that have brought in more than $2 million to the county.

In a tax lien sale potential buyers do not bid on the taxes or the property but on an interest rate they may receive if the property owner redeems the parcel after the lien is sold. That interest rate begins at 18 percent and goes down by quarter percent.

All bidders must put down $500 in cash before the sale and pay at least 10 percent of the back taxes, administrative costs, penalties and interest the day of the sale. Bidders have until the end of the week to pay the balance.

After one year the owner of the lien can foreclose if the parcel owners does not redeem the property. Then it would be offered at a sheriff’s sale and the lien holder would get reimburse for taxes, interests, administrative and legal cost he or she has paid. If the parcel does not sell after being offered twice at a sheriff’s sale, then the title would go the tax lien holder.

There may be more parcels added to the January sale if issues concerning them are taken care of beforehand. These are 200 to 300 additional parcels that had been on previous sales and their liens had not been purchased.

“We are looking at each of those individually to resolve to get them on the sale,” Burcham said. “Some may be landlocked or the footage is not great enough for it to be sold as an individual parcel (to build on) because of the building restrictions the city has.”

A list of the parcels can be viewed at the treasurer’s website at www.lawrencecountytreasurer.org.