Thursday, September 6, 2007
Property tax sale biggest ever
By SUE WATSON
The tax sale for 2006 brought in $1,037,205.20 in delinquent property taxes - the largest value and volume on record with 1,978 parcels sold, according to Betty Byrd, Marshall County tax collector.
The sale took place Monday, August 27, at the Marshall County boardroom.
The sale went smoothly, with 130 buyers turning out last week out of 150 who registered, Byrd said.
The tax sale continues to draw large crowds of investors who purchase unpaid property taxes for the return on their investment, she said. Very few buyers are interested in the property itself, she said.
Buyers draw 1.5 percent interest per month for every month the taxes are not redeemed by the property owner. At that interest rate accruing at 18 percent per year, a buyer can draw 36 percent interest on their investment if the property remains unredeemed for two years, Byrd said.
“You can’t beat that kind of interest anywhere,” she said.
Those whose property taxes were sold can begin redeeming them this week at the chancery clerk’s office.
Byrd said the sale went smoothly with no overbidding.
“We were out of there by 3:30 p.m.” she said. “That’s a record. Sometimes sales have lasted two days.”
Byrd said the tax sale day is “my worst day of the year.”
“There are so many rules and regulations, you really have to be on top of your game,” she said.
Last year’s sale for the uncollected taxes in 2005 brought in $987,000 on 1,910 parcels. The 2004 tax sale came to $944,000 on 1,953 parcels.
Property taxes come due in Mississippi on February 1 each year. Owners have until the August tax sale to pay their tax before it goes on the auction block.
Those whose taxes were sold Monday should redeem their taxes as soon as possible to keep interest and fees from building up, Byrd said.
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