Greene County's annual delinquent tax sale draws combined bids north of $1M

More than $1 million in combined successful bids were submitted yesterday during Greene County's annual delinquent tax sale.

Greene County Collector Allen Icet presided over a rapid-fire auction for tax liens against real estate with delinquent taxes. Of the 115 parcels on the docket, 81 received bids during the nearly three-hour-long auction at the Greene County Historic Courthouse. Myriad other parcels that were included on an earlier version of the list were not in  the auction because their owners made payments before the sale was held.

"You own nothing as a successful bidder," Icet told participants ahead of the auction. "You have a tax lien."

Tax lien investors generally earn profits by recovering payments of back taxes and interest from the property owner, and lien holders rarely attain ownership of the property, according to Investopedia.com. A frequently asked questions section on Greene County's website additionally indicates that bidders cannot claim the collector's deed for at least one year after the sale. 

Tax liens on parcels up for bid yesterday started with opening bids at the unpaid tax amount, plus a recording fee. In cases where bid amounts came in higher than the taxes owed, the bid money is considered surplus, which can only be released to owners or lienholders, according to the county website. Otherwise, winning bidders are repaid the amount they bid, plus any interest or penalties, once the property owner pays their delinquent taxes.

More than 230 bids were submitted during the auction yesterday, and the 81 successful bids totaled $1.1 million.

The property list, available on the county's website, shows delinquent taxes of nearly $370,000.