INDUSTRY NEWS: TAX SALES

Knoxville auctioning off 2nd set of surplus properties

Friday, May 18, 2018   (0 Comments)
Posted by: Carly Cahur
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KNOXVILLE, Tenn. (WATE) - The city of Knoxville is auctioning off another set of surplus city-owned property through online bidding.

Bidding is underway on 33 properties through noon on Wednesday, May 23. Powell Auction and Realty is managing the auction.

Most of the properties are vacant lots acquired by the city after they were not purchased during a public tax sale. Before being put up for sale, they were all reviewed by city departments and the Land Acquisition Committee. City Council and County Commission then reviewed and approved requests to surplus the properties for less than the taxes owed.

More onlineView the properties and enter a bid

The first auction of 27 surplus properties earlier this year brought in $300,000 for the city. Based on prior taxes owed on each property, the revenue will be prorated between the city and county.

Those who win an auction will pay a five percent commission of the sales price, the deed recording fees and transfer taxes.

Selling off the properties means the city doesn't have to maintain the properties and creates a potential for private owners to develop them.

Original story here


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