County’s annual tax upset sale brings in $300,000
Each parcel is sold individually at auction by its corresponding parcel identification number with the minimum bid the tax amount owed on the parcel.
The list of parcels stood at 167 as of Thursday but by Friday morning had been whittled down to 123 up for auction, according to Beatty. The parcels removed from the list were due to property owners making full or partial payment on the taxes owed.
Of the 123 parcels, 30 on this year's list were sold Friday and all buyers purchased the property "as is," assuming any mortgages and other financial constraints on the property, according to Beatty. Properties that didn't sell became the responsibility of the
Money generated from each property's sale is applied toward the overdue county, local municipal and school district real estate taxes on the particular property.
If a sale generates more money than what is owed in back taxes, the excess funds are applied toward current taxes on the property and then toward municipal liens on it. If there is any money remaining after satisfaction of all property taxes and liens, those funds then go to the property's listed owner at the time of the tax upset sale.
Though properties were sold Friday, their individual sales won't be finalized until later this year.
Within the next two weeks, the
In mid-October, the
Properties that did not sell during Friday's sale now are the fiduciary responsibility of the
Unsold properties from Friday's tax upset sale aren't expected to go to a judicial sale until the second half of 2018, Krzysiak said.
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