The state of Louisiana has redemption Period of 3 Year with an interest Rate 17% on its Tax Lien Certificates. The delinquent tax payer (property owner) must redeem the property and pay the local government what you the investor paid to purchase the tax lien certificate plus interest, before the three year redemption period passes! If the homeowner fails to pay within the statute mandated "Redemption Period" you can seek ownership of the property.
Louisiana has what is called parishes the equivalent to a county and on top adds up to a 5% penalty for one to redeem the property from the high bidder.
This is not a way to get property for cents on the dollar as advertised it can be a daunting process and one must be pre paired to deal with occupant removal.
You must have the ability to analyze the property profitability, perform a title search along with its marketability.
Thank you for all the links. I will be sure to visit them and learn as much as I can.
I did not understand the comment you had made about "a charge of 5% penalty for one to redeem property from the high bidder". I thought once I have the tax lien certificate and if the owners dont pay up I become the owner of the property.
What is process of eviction?? Is it discussed in the links you had sent me???
Can you summarize about the LA Country tax sale? This year I bought the book and went several weekends and identified properties but everything decent closed up before the sale so I forewent the sale.
Is it ever worth the effort? Is the only thing strips of land?
A. Section 3712 of the California Revenue and Taxation Code states: “The deed conveys
title to the purchaser free of all encumbrances of any kind existing before the sale, except:
(1) Any lien for installments of taxes and special assessments, which installments
will become payable upon the secured roll after the time of the sale.
(2) The lien for taxes or assessments or other rights of any taxing agency which
does not consent to the sale under this chapter.
(3) Liens for special assessments levied upon the property conveyed which were, at
the time of the sale under this chapter, not included in the amount necessary to redeem
the tax-defaulted property, and, where a taxing agency which collects its own taxes has
consented to the sale under this chapter, not included in the amount required to redeem
from sale to the taxing agency.
(4) Easements constituting servitudes upon or burdens to the property; water rights,
the record title to which is held separately from the title to the property; and restrictions
of record.
(5) Unaccepted, recorded, irrevocable offers of dedication of the property to the
public or a public entity for a public purpose, and recorded options of any taxing agency
to purchase the property or any interest therein for a public purpose.
(6) Unpaid assessments under the Improvement Bond Act of 1915 (Division 10
[commencing with Section 8500] of the Streets and Highways Code) which are not
satisfied as a result of the sale proceeds being applied pursuant to Chapter 1.3
(commencing with Section 4671) of Part 8.
(7) Any federal Internal Revenue Service liens which, pursuant to provisions of
federal law, are not discharged by the sale, even though the tax collector has provided
proper notice to the Internal Revenue Service before that date.
(8) Unpaid special taxes under the Mello-Roos Community Facilities Act of 1982
(Chapter 2.5 [commencing with Section 53311] of Part 1 of Division 2 of Title 5 of the
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Comments(0)
The state of Louisiana has redemption Period of 3 Year with an interest Rate 17% on its Tax Lien Certificates. The delinquent tax payer (property owner) must redeem the property and pay the local government what you the investor paid to purchase the tax lien certificate plus interest, before the three year redemption period passes! If the homeowner fails to pay within the statute mandated "Redemption Period" you can seek ownership of the property.
Louisiana has what is called parishes the equivalent to a county and on top adds up to a 5% penalty for one to redeem the property from the high bidder.
This is not a way to get property for cents on the dollar as advertised it can be a daunting process and one must be pre paired to deal with occupant removal.
You must have the ability to analyze the property profitability, perform a title search along with its marketability.
Some links below will help in your research:
TCI Articles:
http://www.thecreativeinvestor.com/residential/modules.php?name=News&file=article&articleid=840
http://www.thecreativeinvestor.com/residential/modules.php?name=News&file=article&articleid=547
http://www.thecreativeinvestor.com/residential/modules.php?name=News&file=article&articleid=211
TCI forum post:
http://www.thecreativeinvestor.com/ViewTopic36600-16-7.html
http://www.thecreativeinvestor.com/residential/modules.php?op=modload&name=Forum&file=viewtopic&topic=26882&forum=16
http://www.thecreativeinvestor.com/residential/modules.php?op=modload&name=Forum&file=viewtopic&topic=17718&forum=16
http://www.thecreativeinvestor.com/residential/modules.php?op=modload&name=Forum&file=viewtopic&topic=13959&forum=16
Web sites:
http://www.taxsale.com/
http://www.bid4assets.com
http://www.firstgov.gov
http://www.wowworks.com/wowcity/la.htm
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Thank you for all the links. I will be sure to visit them and learn as much as I can.
I did not understand the comment you had made about "a charge of 5% penalty for one to redeem property from the high bidder". I thought once I have the tax lien certificate and if the owners dont pay up I become the owner of the property.
What is process of eviction?? Is it discussed in the links you had sent me???
Sure you can by contacting your county tax assessors office and ask them if all taxes has been paid on the subject property!
Property owners leave homes vacant - the reason is the property owners choice!
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Hello,
Can you summarize about the LA Country tax sale? This year I bought the book and went several weekends and identified properties but everything decent closed up before the sale so I forewent the sale.
Is it ever worth the effort? Is the only thing strips of land?
Thanks a bunch,
TimJowers
The following should clear up a few things
http://www.thecreativeinvestor.com/residential/FAQ5.html
http://www.sco.ca.gov/col/taxinfo/tcs/index.shtml
http://caselaw.lp.findlaw.com/cacodes/rtc/4671-4676.html
A. Section 3712 of the California Revenue and Taxation Code states: “The deed conveys
title to the purchaser free of all encumbrances of any kind existing before the sale, except:
(1) Any lien for installments of taxes and special assessments, which installments
will become payable upon the secured roll after the time of the sale.
(2) The lien for taxes or assessments or other rights of any taxing agency which
does not consent to the sale under this chapter.
(3) Liens for special assessments levied upon the property conveyed which were, at
the time of the sale under this chapter, not included in the amount necessary to redeem
the tax-defaulted property, and, where a taxing agency which collects its own taxes has
consented to the sale under this chapter, not included in the amount required to redeem
from sale to the taxing agency.
(4) Easements constituting servitudes upon or burdens to the property; water rights,
the record title to which is held separately from the title to the property; and restrictions
of record.
(5) Unaccepted, recorded, irrevocable offers of dedication of the property to the
public or a public entity for a public purpose, and recorded options of any taxing agency
to purchase the property or any interest therein for a public purpose.
(6) Unpaid assessments under the Improvement Bond Act of 1915 (Division 10
[commencing with Section 8500] of the Streets and Highways Code) which are not
satisfied as a result of the sale proceeds being applied pursuant to Chapter 1.3
(commencing with Section 4671) of Part 8.
(7) Any federal Internal Revenue Service liens which, pursuant to provisions of
federal law, are not discharged by the sale, even though the tax collector has provided
proper notice to the Internal Revenue Service before that date.
(8) Unpaid special taxes under the Mello-Roos Community Facilities Act of 1982
(Chapter 2.5 [commencing with Section 53311] of Part 1 of Division 2 of Title 5 of the
[addsig]