I have purchased property before at the annual Tax Sale, but have not ventured to any of the surplus sales, as of yet. Unfortunately, the amount of information that Marion County has available is limited.
When purchasing a property at a Surplus Sale, is the buyer responsible for all back taxes, or are they merely responsible for the previous year? For example, if a property has $20,000 in overdue property taxes, but is only worth $6,000, it is unlikely to sell at the tax sale. When it goes up for sale at the Surplus Sale, would the potential buyer still be on the hook for that $20,000 or would they only owe the 2015 taxes, say $500?
Any help would be greatly appreciated!
@Stuart Drake you are only responsible for subsequent taxes.
Thank you for the quick reply @Dennis Weber
2 of The most common obstacles with tax surplus props that we have noticed are board of health issues that take time and money to complete and collapsed or disconnected sewer and water lines.
Also, factor in for a tax certification title fee when you go to sell. You may already be familiar from tax lien sale.
Best of luck. See you in Feb. :)
Yeah, @RyanMullin, the tax cert fee is brutal. I had a vacant lot that i purchased, a while back, and that fee ate up a large chunk of my profits.
February should be fun! Hopefully there aren't "two" many chicks snatching up the few good properties.
@Ryan Mullin are there good properties at the surplus sale? I heard there wasn't much to choose from.
@Stuart Drake where can I find out more information about the tax certification fee?