Tax Leins
Hey everyone, the idea of tax liens have crossed my mind a few time but I wonder if it is even worth the work involved for the returns available. I have done some checking and the county treasurer told me that there is a 3 yr redemption period so you would have to pay the taxes for the 3 yrs and if they don't get redeemed you can proceed further. I was also told the interest rate starts at 10% and goes down from there if there are bidders on it.
We only have a tax lien sale once a year also. They just posted in the paper the properties and then on Monday they have the sale. Pretty mind boggling looking at 2 pages in the paper with just the legal description and tax amount plus then they have the sale only five days later.
Is that how it normally works. Is 10% interest normal as well? Maybe it is just me but only having 5 days from posting what's going up for bid and the sale date would make for a ton of work to be completed to have an enough time to make an informed decision.
As it has crossed my mind some I just wanted to check it out.