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9 registered members (25-20, BC_Reb, handihunter, MTeague, gradythemachine, Bulls eye, BigA47, jake5050, scrape),
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Key:
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Re: Tax Delinquent Property and Land Sales
[Re: mdavis]
#4112894
04/06/24 02:46 PM
04/06/24 02:46 PM
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Joined: Oct 2009
Posts: 6,265 Somewhere in the Milkyway
coldtrail
12 point
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12 point
Joined: Oct 2009
Posts: 6,265
Somewhere in the Milkyway
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I called and looked into this last year. Basically it's an auction and you bid what interest rate you will charge. You pay delinquent taxes and if no one makes any claims you can move forward to gain ownership. If the owner comes forward they must pay you what you have in it plus interest. It's best to have an attorney to help with the process of getting the title if it comes to that.
"And the days that I keep my gratitude Higher than my expectations Well, I have really good days" Ray Wylie Hubbard
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Re: Tax Delinquent Property and Land Sales
[Re: mdavis]
#4113623
04/08/24 08:17 AM
04/08/24 08:17 AM
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Joined: Mar 2004
Posts: 7,957 Monroe County, AL
deadeye
14 point
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14 point
Joined: Mar 2004
Posts: 7,957
Monroe County, AL
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Title can be sticky in this situation
A man is not old until regrets take the place of dreams
He alone is educated who has learned the lessons of open-mindedness
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Re: Tax Delinquent Property and Land Sales
[Re: mdavis]
#4113644
04/08/24 08:52 AM
04/08/24 08:52 AM
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Joined: Feb 2014
Posts: 4,648 miss'ippi state
donia
10 point
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10 point
Joined: Feb 2014
Posts: 4,648
miss'ippi state
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I'm not sure if it is the same in Alabama, but we have a set percentage of 1.5%/month (and may be different by county, as far as I know), so 18% a year return over a year (or 1.5% x how ever many months they let it lapse before paying EX: if they pay after 2 months you get the full amount of taxes paid back and 3% return on those 2 months). We did it on the land behind us, but weren't successful. It is a family of 20+ members that own it and we were trying to buy a few acres for a buffer in case it is ever developed (100 ac cutover), but they flat refused. They are in a constant state of delinquency and pay on the last day of the 2 year deadline, like clockwork (they clearcut it to use for land taxes, so not sure how long their tax fund will hold out). You are only repaid the percentage plus the taxes originally owed, but there are usually a few that are won for a good but over what is owed and that overage is not repaid (basically your "juice" paid if you ultimately end up winning the right to purchase the land, otherwise if they pay it off within the timeline and you loose your extra "juice" you paid and you only get the tax burden plus interest). About the only ones that I know that do it regularly are land lawyers that are familiar with the industry and use it more for a (one of many) revenue stream for the 18% return, in hopes of actually acquiring the land to flip later.
Last edited by donia; 04/08/24 08:57 AM.
experience is a freakin' awesome teacher....
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Re: Tax Delinquent Property and Land Sales
[Re: mdavis]
#4114336
04/09/24 12:24 PM
04/09/24 12:24 PM
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Joined: Oct 2009
Posts: 6,265 Somewhere in the Milkyway
coldtrail
12 point
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12 point
Joined: Oct 2009
Posts: 6,265
Somewhere in the Milkyway
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Each county handles there own. Ours has a website. Everything can be done on line
"And the days that I keep my gratitude Higher than my expectations Well, I have really good days" Ray Wylie Hubbard
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