What about Tax Deeds

By dhinternational  /  May 17, 2011 / Comments Off on What about Tax Deeds

Tax Deed Sale

Tax Deed Sale

What do you need to know about tax deeds? Well, just to simplify, a tax deed sale is a real estate sale for owed taxes carried by the government, county, or state.

If these real estate taxes are not paid up within a conditioned time frame, these taxes are then regarded as delinquent. If somehow these taxes are still uncompensated and after the requirements are being met, the said property will then be sold at a county tax sale auction.

In the United States, half of the states are considered “lien states” while the other half are “deed states”.  Unlike from tax liens wherein only the liens of the property are sold, a county that sells the property because of delinquent taxes is a tax deed state. Other than either being a “lien state” or a “deed state”, there are also states such as Georgia and Texas that are considered as hybrids. These hybrid states are capable of selling a property during a tax deed sale but still able to have the owner of the property pays off the tax property lien during a certain redemption period and then reclaims the property.

During the tax deed sale, many states have bidding done in increments, usually around ten dollars to a hundred dollars. Generally, the minimum bid is the overall amount of back taxes that is owed plus the interest. If ever the property was not purchased, the property’s title may then be reverted to the county government.

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