Tax Sale Being Held Online September 25-27, 2012By
The City of New Orleans will hold an online tax title sale September 25-27, 2012 from 8am – 8pm. This auction contains more than 4,700 properties scheduled to go to sale. Free registration and a list of available properties for sale are available at the Civic Source website HERE. Click on “tax title sales.” Also, be sure to check out the Tax Sale process guide HERE.
A tax title sale is the sale of delinquent taxes on a real estate property tax title. This tax sale is for delinquent taxes for the years 2009, 2010 and 2011. The tax titles for these properties are sold to the public for the amount of the delinquent taxes due, plus any accrued interest, penalties, costs and other statutory impositions. The tax title sale is a “low-bid wins” style auction in which the property is sold to the purchaser willing to bid on the least percent ownership interest in the property.
Winning bidders of the tax sale are expected to pay for their purchases within 72 hours of the close of the auction. Payment must be made in one installment and all sales are final. HOWEVER, winning bidders do not immediately own the property. The property owner can redeem the property by repaying the purchaser plus penalties and interest. IF THE PROPERTY IS NOT REDEEMED WITHIN THREE YEARS (or 18 months for blighted properties), the tax title holder can pursue the property’s title.
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