City to hold tax property sale
Published 4:08 am Wednesday, May 30, 2018
On Tuesday, June 5, the city of Bogalusa will host its annual Tax Certificate sale at CivicSource.com.
The online auction opens at 8 a.m. and ends at 8 p.m., subject to a sliding close. More than 75 properties are slated to go to auction, ranging in price from $314 to $1,701. The sale is open to the public. Free bidder registration and a list of tax sale properties are available at CivicSource.com.
A Tax Certificate sale is the public auction of tax-delinquent property. Certificates are sold by a taxing authority for the amount of the delinquent taxes due, plus any accrued interest, penalties, costs and other statutory impositions. In Louisiana, Tax Certificate purchases offer investors a 5-percent penalty and an interest rate of 1 percent per month for the duration of the three-year redemptive period. Tax Certificate sales are a low-bid wins style auction, in which the property is sold to the purchaser willing to bid on the least percent ownership interest in the property.
If the property is not redeemed by the delinquent owner within the three-year redemptive period, the investor can file to acquire ownership in the property based on his or her bid amount.
Winning bidders of the tax sale are expected to pay for their purchases within 24 hours of the close of the auction. Payment must be made in one installment and all sales are final.
For more information on the Louisiana Tax Certificate sale process or to view upcoming auctions, visit CivicSource.com.