Tuesday, April 24, 2007

South Carolina's Supreme Court and Attorney General Scare Off Tax Lien Investors

We've been following the story of Ned Majors, a fellow tax lien investor from South Carolina. He invests tax liens for other people, by going to the auctions for them and bidding for them (like a proxy bidder). South Carolina's Attorney General Henry McMaster, states this practice is like selling securities. South Carolina's Supreme Court apparently agrees. The court argued that though it isn't exactly like selling securities, it is similar enough that the attorney general has the authority to regulate it.

Translation: Attorney General McMaster and the Supreme Court needs to buy the book below.

The attorney general apparently wants Mr. Majors to pay license fees, taxes, and be 'regulated' like other securities company (mutual funds, brokers, etc.). This is astonishing, since the sale of tax liens help local jurisdictions and there are clear state statutes on how they are to be done. The attorney general's 'power grab' from local counties and local cities is remarkably selfish. South Carolina is now officially off limits for major tax lien investors, which removes much needed income to fund roads, schools, and other public services.

Perhaps, down the road when South Carolina starts having budget woes in their local jurisdictions, the people will remember Attorney General Henry McMaster. The poster child for scaring off investors in his state.

Thursday, April 19, 2007

Warrick County, Indiana tax sale is postponed

Indiana counties usually have tax sales between July 1st and Nov. 1st...except possibly Warrick County! They are having some new issues with the newly elected auditor and treasurer who can't seem to agree which companies to use for tax lien sales. This little hold up is costing the county over 1 million dollars, money they could have received from tax lien auctions.

We hope they can resolve the issue soon, it certainly isn't a good reflection of officials being newly elected and then they turn around and stop the funding for basic services like schools and emergency services.

Want more information about tax liens and how to participate and win in these auctions? Buy the complete guide to it! See below.

The article below is an excerpt from Courier Press.

Source: CourierPress
Warrick tax sale hits snag

By Mark Wilson
Thursday, April 19, 2007

Warrick County will not have a tax sale in 2007 if Treasurer Charlie Christmas and newly elected Auditor Larry Lacer cannot agree on which company to run it.

In 2006, the financially strapped county brought in about $1,264,500 in back taxes and profit from the sale of properties on which taxes were delinquent. An additional $185,000 was collected before the sale from property owners who paid their back taxes after learning the properties were to go up for sale.

It's money the county could sorely use again this year, said Carl Conner, a Warrick County commissioner.

"This county cannot afford all of the services it needs to provide right now," he said.

Christmas declined to discuss the matter in public when questioned by County Commissioners on Wednesday after Lacer brought it up during a regular public meeting. But he indicated he had objections to SRI Inc., the Indianapolis company that has operated Warrick County's sales since 1998.

Lacer said employees in his office already are familiar with SRI and its software and are comfortable with the company.

"It's never been decided not to have a tax sale," Christmas said. "I did not want to air this in public."

"We are all ultimately responsible to the public," Commissioner Don Williams replied.


Tuesday, April 10, 2007

Upcoming Auctions - Hillsborough County, FL (Offline) Tax Deed Auction

Hillsborough County, FL is having two tax deed sales on 4/30/07 and 5/7/07. You can take a look at their tax deed list here. Please note tax deeds are totally different from tax liens, you own the property rather than gain interest on the tax lien. Some people have asked what 'offline' means in the article heading, that means the auction is at a real place rather than online.

You could say this is one way to get "cheap" Florida land. Here's some info on some of the properties [parcel number is the middle field]:

2007-85 154562.0000 AVAILABLE
2007-86 156835.0000 AVAILABLE
2007-87 032664.0050 AVAILABLE
2007-88 058117.4098 AVAILABLE
2007-89 014489.0000 AVAILABLE
2007-90 206946.0000 AVAILABLE