INDUSTRY NEWS: INDUSTRY NEWS

Vigo collects more than $1.3M in wake of tax sale

Monday, September 17, 2018   (0 Comments)
Posted by: Carly Cahur
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Vigo County collected more than $1.3 million in unpaid property taxes following a tax sale last week.

The county listed 1,527 properties eligible for the tax sale.

However, owners of 433 properties paid $919,483 in unpaid taxes just prior to the sale, reducing the number of parcels in the tax sale, said Vigo County Auditor Jim Bramble.

 

“The tax sale sold 178 parcels and collected another $396,679 in unpaid taxes,” the county auditor said.

The Indiana Theatre, which was listed in the property tax sale, did not sell, Bramble said. Indiana Theatre LLC owes $102,425 in unpaid property taxes relating to the building at Seventh and Ohio streets, which is on the National Register of Historical Places.

Additionally, the sale resulted in the collection of more than $1.3 million in funds paid above the amount of taxes owed.

Bramble said that is a result of “professional bidders,” usually financial firms, which purchase properties for five or more times the amount of taxes owed in hopes of recouping the amount paid for taxes plus penalties and interest on taxes owned and on the amount paid above taxes owned.

The hundreds of properties not sold last week will go into a commissioners tax sale next year, Bramble said.

Original article posted here. 


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