Today I’m answering your questions about Citrus County tax deed sales, and the topics I’m going to cover are:
- Citrus County Has Small Auctions but Big Bargains
- Why Citrus County Holds Tax Sales
- Step 1: Citrus County Holds Tax Certificate Sales
- Step 2: Citrus County Holds Tax Deed Sales
- Research Before You Buy Tax Lien Properties
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Citrus County Has Small Auctions but Big Bargains
I’m Ted Thomas, and I‘ve been involved with tax lien certificates and tax deeds for over 30 years. Citrus County is a perfect example of a small population county which will have dozens of tax defaulted properties for sale.
Local investors generally know more about the local property than outsiders. That’s why I’m constantly repeating my instructions that auction buyers must have boots on the ground to view the condition of the property. It’s unwise to purchase a property without physically seeing the property’s condition and location.
At Citrus County tax deed sales, just because there are only a few dozen tax defaulted properties coming up for the auction that doesn’t mean a local investor or any savvy trained investor isn’t going to make a good deal.
The counties start the auctions at very close to the back taxes, and simultaneously with the sale, the county treasurer cancels the mortgage and the deed of trust loan.
Why Citrus County Holds Tax Sales
Tax auctions take place for a reason. Many owners fail to pay property taxes. The consequence of nonpayment is that the county has the ability to seize, ultimately confiscate the property and resell it.
In all instances, nonpayment of property taxes will trigger an alarm at the local county government offices. The county needs to collect property tax to pay county employees and maintain infrastructure. A property in default for nonpayment of property taxes will be placed on a defaulted property tax list.
If the property taxes are uncollectible, the treasurer is authorized to seize the property and, using due process of law, will remove anyone from the property.
Step 1: Citrus County Holds Tax Certificate Sales
Citrus County tax deed sales are public auctions, meaning anyone can attend.
In Citrus County, the process for a tax deed auction includes everything that takes place before the tax deed auction. Citrus county will have already conducted a tax lien certificate auction and given the owners 2 years minimum to come forward and pay the tax lien certificate.
The tax lien certificate buyer must wait a minimum of 2 years to collect their investment and an outrageously high interest rate.
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Step 2: Citrus County Holds Tax Deed Sales
At the close of two years, the tax lien certificate, if still unpaid, will require the certificate owner to request that the county sell the property at a tax deed auction.
Citrus County tax deed sales are advertised on the county website in addition to being announced in the local newspaper. The auction takes place at a public facility, like the courthouse steps.
Starting bids at Citrus County tax deed sales are the delinquent taxes, and savvy investors can purchase mortgage-free properties for 10, 20 or 30 cents on the dollar of the tax assessed value.
The properties sold at the Citrus County tax deed sale will be sold to the highest bidder by an auctioneer who is probably a county employee.
Research Before You Buy Tax Lien Properties
Many auction buyers have no real estate experience. This conflicts with the county government’s approach to selling tax deed properties. The county government takes no responsibility for the condition of the property or for any defects in the title to the property.
Researching condition, property value, and liens attached to the property are all the buyer’s responsibility.
This is not an arena for newcomers who have not researched the title or had boots on the ground to physically look at the property and judge its condition. Many tax defaulted properties are used and abused. Some are junkers, and others only need a little cleanup.
Auction buyers need an exit strategy. Buyers should know what they’re going to do with the property before bidding.
We hope you enjoyed Ted’s lesson about Citrus County tax deed sales.
Citrus County will first sell a tax lien certificate on a tax delinquent property. If the certificate is not redeemed, then the certificate holder may request a tax deed sale.
At Citrus County tax deed sales, the property is sold mortgage-free to the highest bidder, which will pay the rate of return that’s due to the tax lien certificate holder. Bidding begins at the back taxes, and properties can be purchased for pennies on the dollar of the tax assessed value at Citrus County tax deed sales.
If you’d like to know more about tax delinquent property investing, Ted Thomas provides full support and complete training with home study courses, Q&A webinars, live tutorials, workshops, web classes, and personal coaching with certified coaches.
Learn how to reap huge rewards from tax lien and tax deed investing! Get started today by taking advantage of Ted’s Free Master Class! Act now, it costs you nothing and will give you a big head start!
Ted Thomas is America’s Leading Authority on Tax Lien Certificates and Tax Deed Auctions, as well as a publisher and author of more than 30 books. His guidebooks on Real Estate have sold in four corners of the world. He has been teaching people just like you for over 30 years how to buy houses in good neighborhoods for pennies on the dollar. He teaches how to create wealth with minimum risk and easy-to-learn methods.