Bulk tax lien sale advances

Published 10:26 am Wednesday, January 15, 2014

The county is expected to add three-quarters of a million dollars in tax revenue to its coffers following a sale of tax liens to Tax-Ease, a national property tax lender out of Cincinnati.

Currently, County Treasurer Stephen Burcham is finishing up a negotiated sale with Tax-Ease of 202 parcels with taxes and fees totaling $761,161.

“They are reviewing the list and can reject approximately 10 percent of the parcels,” Burcham said. “Typically they are not buying parcels that are vacant land.”

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The county has received approximately $3 million in back taxes since Burcham started the sales three years ago.

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.

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 reimbursed for taxes, interest, administrative and legal costs he or she has paid.

This is the first time the treasurer has entered into a bulk sale and may take that avenue in the future.

“We are in the middle of the process and once the company gets back to us we will evaluate the entire process and tell which way we will go forward,” Burcham said.