The Pulaski County Commissioners heard a presentation from Glenn Luedtke from SRI about a certificate sale the commissioners can hold to sell properties that have been on the tax sales for several years.
“It allows the commissioners to sell these properties at a price less than what they were offered for at the regular sale. When these properties go through several sales, you have a situation or the indenture of the taxes and liens succeed the value of the property. This gives you an opportunity to lower that price to lower it again,” explained Luedtke.
The redemption period is shorter as well.
“Now the buyer has 90 days to do the title search and that the property owner has 120 days to redeem the property. It’s a quicker time turnaround, however it’s not really quicker than the regular tax sale because you have to pass a resolution, then advertise it for three consecutive weeks and then wait 30 days after that.”
The property owner will be able to pay the property taxes in the next tax installment once the certificates are sold.
The commissioners approved the movement of a certificate sale for properties in both a live and an internet sale. Those sales will be held a week apart. The minimum bid was set at $25.
