Related Article: Property Tax Sale Bidders Seek Low Prices, High Interest Rates

Excerpt taken from the Island Packet.

“For the bankers wearing pressed suits and willing to bid six figures at Beaufort County’s annual delinquent-tax sale, the primary goal was earning interest at rates available in few other places in today’s economy. For Mamdouh Sabry, who wore a red and brown plaid shirt to Monday’s sale, the goal was finding a place to build his future retirement home.

Sabry learned about the sale last week and drove from his home near Columbus, Ohio, to find a lot he could afford. He knows odds are good that the property he bought Monday will be reclaimed by its owner before it can become his next year, but he won’t be satisfied with a reimbursement plus as much as 12 percent interest on the money he put down…”

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Related Article: County Tax Auction Set Monday

Excerpt taken from the Island Packet.

“Beaufort County Treasurer Joy Logan is advising bidders to “bring a pillow” to Monday’s tax sale auction. As of Friday afternoon, about 1,600 delinquent properties were slated to be available to the highest bidder when the auction begins Monday. On the block are properties for which taxes have not been paid for the previous year. Logan expects the auction to last two or three days.

“We advise everybody to come prepared to sit for a little while,” Logan said. “Be comfortable, because it’s going to be crowded.” The county sold 1,230 properties for $2.82 million at last year’s auction, which lasted two days. Logan said the Treasurer’s Office is still tallying the value of this year’s unpaid taxes. Owners of delinquent properties sold at auction have one year to reclaim them by paying the taxes, with interest…”

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Related Article: Tax Sale Stats Paint an Economic Picture

Excerpt taken from the Island Packet

“Beaufort County’s annual delinquent tax sale offers a window into our local economy. Unfortunately, the view isn’t all that great this year. On Oct. 4, county treasurer Joy Logan expects to auction off about 2,000 properties for failure to pay taxes, about double the number sold in last year’s sale.

As of this week, Logan said, about 4,900 properties still had unpaid taxes. Last year, the county began September with about 3,000 delinquent properties, and about 1,200 went to auction. This year, the count started at about 5,200 properties.

We also have a record number of properties — about 400 — whose owners didn’t pay their tax bills during the past year after their property was sold in the 2009 tax sale. They risk losing their property to the successful bidder. About 100 properties usually are not redeemed, Logan said…”

To view the full article, see the Island Packet Website.