What is a Tax lien Sale? .........A tax lien sale is governed by the Ohio Revised Code, 5721.22 thru 5721.38. They are the sale of the County's first and best lien, which is to say real estate taxes and assessments that are delinquent. Tax lien sales are done solely to recoup the delinquent taxes to distribute to the schools, cities, libraries, townships and other public entities that rely on property tax revenue to produce services for the public. Tax lien sales generally are held once a year and are done one of two ways; 'bulk' sales or negotiated sales.

A projected bulk sale would be 900 + parcels, all sold in one package for 100% of the County's 'first and best' lien, that is to say the Real Estate Taxes and any assessments. These packages are sold by auction for the best interest rate the purchaser will charge the owner of the property to redeem the lien. In addition, fees are added to the lien for legal work and advertising. As an example, a taxpayer is $2,000.00 delinquent, to add the property to the sale, advertising, and other work add $150.00 fee. If the bidder buys the package for 18% then $387.00 interest is added annually and the property owner would owe $2,537.00 after the first year. The lien purchaser has three (3) years to foreclose (with 18% interest added each year) on the lien if the property owner does not redeem the lien.

 A negotiated Tax Lien sale is usually for vacant or abandoned properties, In many cases the houses have been torn down. Most of these properties have taxes and assessments 6 to 10 times the value of the property making the un-saleable. As the name negotiated implies, the value of the lien will be negotiated property by property for the entire package of liens. The same terms apply to redemption of the liens, 100% of the lien plus fees before the sale of the lien, however a negotiated lien has a six (6) year life for the lien purchaser to foreclose.
Remember. in either type of sale. the property is not sold. only the county's Real Estate tax and assessment lien. The property owner still owns the property until the lien purchaser forecloses if the lien is not paid!

How can I avoid a tax lien sale?...... First and easiest is to pay the delinquent taxes, assessments and fees. If you have not entered into a repayment contract before. and broken that contract, you can enter into a contract to repay the Treasurer for the delinquent taxes, assessments and fees BEFORE the lien is sold. These contracts are paid monthly and include monthly payments for current taxes also. To sign a valid contract, you must be an owner of the property, or have 'power of attorney' .

What can I do if my lien is sold?........ In a bulk sale you can enter in to a twelve (12) month repayment contract during the first year after the sale. In a negotiated sale your contract may extend to three (3) years. Remember ... interest accumulates, the longer you take to repay the more it cost you.

Can I buy tax liens?........ These liens are not sold individually, but in packages of upwards of 1,000 liens at one time. The cost of the package can exceed $1,500.000.00. 10% is paid the day of sale with the balance due in five days.

TO VIEW THE PROPERTIES TO BE INCLUDED IN OUR NEXT NEGOTIATED SALE, CLICK HERE.