City to host online tax sale Tuesday

Published 12:52 pm Friday, June 4, 2021

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The city government of Bogalusa will host its annual tax sale on from 8 a.m. to 8 p.m. Tuesday, June 8, subject to a sliding close. Buyers pay past due tax amounts in exchange for up to a 41-percent fixed interest return, thereby providing property-secured loans that must be repaid within 36 months.

The tax due is the purchase price, and buyers bid down ownership interest in the collateral property where the least ownership bid wins. The buyer receives a one-time payment with interest calculated through the repayment date. This includes 1 percent per month earned on post-sale tax payments made on the collateral property. If not repaid within 36 months, the buyer receives ownership interest in the collateral property equal to their bid amount.

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