Current balances for sold taxes are subject to change due to interest accruals or due to subsequent taxes or petition-related fees being added by the Tax Buyer.
The following breaks down the possible changes to an individual balance due for sold taxes.
Interest accrues on the originally sold year’s balance every six months from the date of sale. The “Penalty” is the interest rate applied to the “Sale Amount” every six months. “Period” is the number of six-month accruals that have occurred at the time of the inquiry.
Interest accrues on the Subsequent Years Taxes on the purchase date and then annually from the purchase date (“Date” in the Subsequent Years Taxes section) at a rate of 12%. In the “%” field, 12 indicates that the annual accrual has occurred once, on the date of purchase, as of the time of the inquiry, 24 indicates it has accrued twice, 36 indicates it has accrued three times.
SUBSEQUENT YEARS TAXES
A Tax Buyer who has purchased a given year’s unpaid taxes at Tax Sale has the first right to purchase any delinquent portion of the next year’s taxes on the same property once the second installment due date has passed. The initial purchase of subsequent taxes is accompanied by an automatic initial 12 percent interest accrual, as described above.
The same rights for the Tax Buyer apply to future years’ taxes when the original sale amount remains unredeemed and the Last Day to Redeem has not passed.
Current year taxes that become due once a Tax Buyer has petitioned for deed on a particular sale may be purchased on that same property and added to the sale’s current balance due at any time after bills are issued. The Tax Buyer does not need to wait for the final installment due date to pass.
- Take Notice: Within the first 4 ½ months after the Tax Sale, the Tax Buyer is required to send a notification to the property owner. This notice, called a “Take Notice” adds approximately $31 to the balance due. The exact amount varies by year depending on current postage rates.
- Petition for Deed: A Tax Buyer may initiate the process of petitioning for Tax Deed 6 months prior to the Last Day to Redeem, per statute. Fees incurred by the Buyer related to the petitioning process may be added at any time after they have filed the initial petition with our office.
For more information on Tax Redemption email firstname.lastname@example.org or call (815) 724-1880.