Tax lien auction goes digital
An opportunity that combines investment possibilities with online experience, a free training class Oct. 24 reveals how to buy a tax lien via the computer. Hosted by Teller County Treasurer Bob Campbell, the class offers tips on the bidding process for an internet auction.
The tax liens offered in the sale are published in the Pikes Peak Courier View newspaper Oct. 3, 10 and 17. As well, the liens are listed on the treasurer's website as www.co.teller.co.us.
The potential investor is not buying the land but only the lien against the property. In a press release from the treasurer's office Campbell offers a heads-up on the process. For instance, the owner of the property has the legal right to redeem the tax lien up to the day the treasurer's deed is to be issued. The successful bidder does not have the right of possession, use, improvement or access to said property.
If the tax lien is redeemed, the bidder will receive interest at a rate of nine percentage points, 9 percent, above the national bank discount rate as of Sept. 1 of the year of the sale. The interest rate for the 2012 tax lien sale will be 10 percent.
Interest is paid on the total taxes, interest and fees when redeemed by the property owner. Interest is not paid on premium bids or deed deposits. Approximately 95 percent of the tax liens in Teller County are redeemed most of them within the first year.
The training classes are at 2:30 p.m. Oct. 24 on the lower level of the Centennial Building in Cripple Creek; and at 6:30 p.m. Oct. 24 at the Woodland Park Council Chambers.
The online sale will be administered by SRI, Inc., which offers practice website at www.sri-onlineauctions.com.
The bidding begins at 8 a.m. MST Nov. 1 and will close in batches of 200 parcels Nov. 5, starting at 10 a.m., 12 p.m. and 2 p.m. and the remainder closing at 4 p.m. Technical questions regarding the tax liens and the sale should be addressed to the treasurer's office at 689-2985.