It’s called the Orleans Parish tax sale and it happens once each year. This year’s sale closes Thursday night at 8 o’clock. You can do it all online. Here’s how it works:
Houses that are more than a year delinquent on property taxes are listed on a website, along with the amount of back taxes owed. If you pay those back taxes and then keep current on that home’s taxes every year for the next three years you can actually take possession of that home at the end of those three years.
The whole process can cost you less than $10,000, which includes any legal fees you may need.
Here’s an example: 2114 Pleasure Street shows $592.95 owed in back taxes. If you agree to pay that amount, and then pay property taxes every December through 2016 you can eventually take ownership of the house.
And according to the Orleans Parish Assessor’s Office, the house is valued at more than $120,000.
Now, the owner can pay you back for what you’ve spent – plus hefty interest – at any time during those three years and thus redeem the property from the tax sale.
But, it’s pretty much a win-win situation either way.
You have to register to take part in this online sale.
To view the properties available, click here: http://www.civicsource.com/s?state=LA&taxAuthorityCode=CNO&auctionType=tax&timeframe=Current