The downside is you generally are required to pay cash and buy the property sight unseen, and you could be assuming liens or judgments and be forced to
pay delinquent property taxes.
The penalty
for delinquent property tax payments is 10 % of your tax, and interest on your unpaid debt accrues at a rate of 1.5 % of the tax for each full or partial month your payment is late.
And that money will enable the county to pursue foreclosure action against
more delinquent property tax payers, overall, than it has in the past 15 years.
Since its 2012 inception, GSLB increased collection of
delinquent property taxes by $ 10.5 million; returned 440 properties to the property tax rolls; generated approximately $ 700,000 per year in additional property taxes; and demolished 175 blighted structures.
Babylon Village Public Works Superintendent Charles «Skip» Gardner, the village's highest - paid employee, owes more than $ 31,000
in delinquent property taxes, records show.
• Tax Service Fee - A fee paid to a tax service agency to look
for delinquent property taxes and alert the mortgage company to prevent tax liens from existing against their mortgagors» homes.
In doing so, the Land Bank improved public safety by removing neighborhood blights that regularly attracted crime, and improved the city's financial position by increasing the collection rate of current and
delinquent property taxes.
Say I buy a house with 13k
delinquent property taxes.