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Tax Lien Certificate State Profiles

Alabama, Arizona, Colorado, Florida, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maryland, Mississippi, Missouri, Montana, Nebraska, Nevada, New Jersey, New York, Ohio, Oklahoma, South Carolina, South Dakota, Vermont, Washington D.C., West Virginia, Wyoming.

 

State

Interest

Rate

Redemption Period

 

Rating

 

Notes

Alabama

12%

3 years

***

Three Stars

Auctions are usually in May.

Arizona

16%

3 years

*****

Five Stars

Notice will appear in county newspaper two weeks before sale. Auctions held in February. New laws require the investor to be responsible for foreclosure and for hiring an attorney if the tax lien is not redeemed.

Colorado

9% plus federal discount rate

3 years

***

Three Stars

Notices will appear in county newspapers in October. Tax lien auctions occur on or before the second Monday of December, and continue every day until all properties are sold. Some counties use a round robin process; in other counties, the highest bidder is awarded the tax lien.

Florida

18%

2 years

****

Four Stars

Auctions held on or before June 1. At the auction, you pay 10% of the total tax lien; after the tax lien certificate is prepared you must pay the remaining balance within 48 hours. Florida also has favorable tax deed sales, with no subsequent legal challenge period.

Illinois

18% every 6 months, or 36% per year; on farmland, 12% every 6 months or 24% per year. On farmland, the interest rate is considered a penalty.

2 – 2 yea years, depending upon the property classification

****

Four Stars

May need a lawyer because the court is involved. Two systems exist: one for recently delinquent properties and one for properties delinquent more than two years. Under the first system, auctions are held after June 1 and September 1. October or November is when the sales are usually held. Under the second system, auctions are infrequent, usually once every two years. Pre-register 10 days to 1 month in advance of the sale to bid.

Indiana

Flat 10% on the minimum bid if redeemed in less than six months. Flat 15% on the minimum bid if redeemed in more than six months but less than 1 year. Interest on the overbid amount is 10% per annum.

1 year for “A” and “B” properties; 120 days for “C” properties

*****

Five Stars

County requirements can be complicated. Auctions are usually held after August 1 and end by November.

Iowa

24%

21 months

*****

Five Stars

Auctions occur on the third Monday in June and continue until all properties are offered for sale. Auctions are conducted through random drawings. 

Kentucky

12%

1 year

***

Three Stars

Kentucky does not emphasize tax certificate sales. Difficult to find information on the Internet.

Louisiana

17%

3 years

****

Four Stars

Tax lien purchaser can ask for immediate possession of the property after two years. Auctions are held May through November at the discretion of the parish.

Maryland

10 to 24%, depending upon the county or city

6 months, or as long as the right of redemption has not been barred by foreclosure

****

Four Stars

Local variations to tax lien process can be tricky.

Mississippi

18%

2 years

****

Four Stars

Bidders can overbid the minimum bid set, but the overbid is not reimbursed upon redemption and no interest is earned on it.

Missouri

10% on the minimum bid

Up to 1 year, depending upon the property classification.

***

Three Stars

Bidders bid on what they would be willing to pay for the property, assuming the owner never redeems. Auctions in every county held on the third Monday in August.

Montana

10%

2 to 3 years, depending upon the property classification.

***

Three Stars

Not a lot of public information on tax lien certificate sales.

Nebraska

14%

3 years

***

Three Stars

Public tax sales held once a year on the first Monday in March. Bidding is by round robin.

Nevada

12%

120 days for vacant land, 2 years for improved land

***

Three Stars

Tax lien sales are infrequent except for in Carson County (Las Vegas).

 

 

 

 

New Jersey

18%

2 years

*****

Five Stars

Tax lien sales are called certificates of purchase. Rules are complex. Watch out for environmental problems – New Jersey has many hazardous waste sites.

New York

10 to 14%, depending upon the county or municipality

Minimum of 2 years.

***

Three Stars

Process varies between counties. Big investors can take over sales, and property values can be high. Governing bodies may hold tax lien and/or tax deed sales.

Ohio

18%

1 year

***

Three Stars

Tax lien sales are only held in counties with a population greater than 200,000 people. Large investors can corner sales. Tax deed sales also can be held.

Oklahoma

8%

2 years

***

Three Stars

Tax lien sales held the first Monday of October. Tax deed sales, which can also be conducted, are held on the second Monday of June.

South Carolina

12% unless alternative method of taxation used; then 8% penalty the first year plus 4% if redeemed during the second year

1 year unless alternative method of taxation used; then 18 months

**

Two Stars

Bidder must pay money by the end of the sale day, or can be fined up to $300.

South Dakota

12%

3 years (if within corporate limits); 4 years (if outside a municipality)

**

Two Stars

Sales held the third Monday of December. State requires a signed form indicating you do not owe taxes.

Vermont

12%

1 year

***

Three Stars

Tax collection handled by municipalities.

Washington D.C.

18%

6 months

***

Three Stars

Also conduct Bid Off Sales of properties left over from lien sale and not redeemed.

West Virginia

12%

17 months

***

Three Stars

Properties left over from the lien sale are certified to the State; if not redeemed, they are sold at Second Sales.

Wyoming

18%

4 years

****

Four Stars

Tax liens are called certificates of purchase. Auctions are usually in September.

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