Updated over 1 year ago on . Most recent reply
Bidding on the tax sale - Baltimore City
Hi all. I am really trying to figure out how to put in a bid on the Baltimore City tax sale (coming up in May). They provide a format for calculating the bid but no real directions with it. I've got a sample of the bid, but want to be sure I'm understanding what I've put together - don't want to get caught with a bill due that's bigger than what I planned. The house has outstanding taxes (the $7K) with a face value of $100.6K. The way this reads, if I bid $50K and win, the amount I would owe is $8,952. But I'm thinking that I would owe $58,952. Not trying to be thick, just making sure there are no curves here. Thanks for not calling me dumb.
Here's what I'm looking at:
Here's what I'm looking at:
| Taxes: | 7000 | |
| High Bid Premium: | ||
| Cash Value: | $100,600.00 | |
| 40% Cash value ($100,600 x .40) | $40,240.00 | |
| Bid: | $50,000.00 | |
| Less 40% Cash Value: | $40,240.00 | |
| Total: | $9,760.00 | |
| 20% Premium ($9,760 x .20): | $1,952.00 | |
| Total Payment: | 8952 |