What Happens At A Property Tax Auction

Posted by Lorraine Ross on October 19, 2008

If you have a property that is delinquent on property taxes, the city or town that the taxes are owed to will hold a property tax auction to sell the property in question and redeem the delinquent taxes. This type of auction is not as common in some areas as it is in others. Many times, a property owner who owes back property taxes will try to raise the monies before the property tax auction and keep ownership of said property. In some cases, the properties are sold. In many cases, the amount owed in delinquent property taxes is so low, that the buyer is receiving an excellent deal.

To bid on properties at a property tax auction, most states require that your register prior to the start of the auction. Once you are registered, you are given some details about the property and times and date when the property tax auction will take place. Once the auction begins, you will have an ID number, which will represent you as a bidder. As the auction proceeds, bids are entered until the final bid is received. After this time, a winning bidder has so much time to produce the monies to pay for his or her bid and take control of the property. Read the rest of this entry »