Harford County held its annual tax lien sale putting up for bid 486 tax-delinquent properties. This online auction did bring in $988,404.46, however, the total number of properties was down from last year. For the county as a whole, this situation is ideal meaning that the property owners are paying their property taxes. The winning bidders from the sale have to pay off all the county taxes and penalties owed and then have a lien placed against the property. The lien stays with the property until the owner pays them back, (in addition to redemptive interest values which are set by the county) or the lien holder forecloses and takes ownership of the property.
The majority of tax liens are purchased for investment purposes by individuals or groups in order to receive the redemption interest. “These are the properties that have been delinquent in their taxes, many for several years, not just one,” Sandlass said. “This isn’t an ideal situation or anything like that, so, really, what we want to do is work with the account holders so it doesn’t come to this point.”
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