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Illinois’ interest rate is 24% on farm land and 36% for a full year. County tax sales in Illinois are held in November and the redemption period is 2 years.
Most counties require the bidder to pre-register at least 10 days ahead of the auction schedule.
Both handling tax lien and tax deed sales, Washington DC has an 18% interest rate per year (1 and ½% per month) with a redemption period of 6 months. All tax lien sales are by competitive bidding but with no interest on an overbid.
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New Jersey’s tax lien auction schedules actually vary, depending much on each municipality. The redemption period is 2 years and its interest rate is 18% or more, dependent on the penalties. It also follows competitive bidding and will start by having the participant bid the interest rate down.
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Georgia holds a lot of tax deed sales but the processes may be more complicated than other states. This state does not conduct tax lien sales.
The interest rate is 20% and the redemption period is 1 year. Usually, the tax deed certificate sales are held every first Tuesdays of the month. The rules, sales, and auction times may be different in each county.
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New York is both a tax lien and tax deed state. This state may be average when it comes to tax lien sales but with tax deeds, it is definitely one of the most popular.
It has a 14% interest rate for those counties that have sales but tax lien certificates are not commonly sold to the public. It has a 1 year redemption period but it is actually more complicated than that. The tax lien sales are held in April or August and all auctions are through competitive bidding.
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California does not only have tax deed sales but they can also conduct tax lien certificate sales which has an interest rate of 18%. The redemption period is 2 to 3 years but is still dependent on the county. The bidding process involves competitive bidding.
Most cases, one needs a substantial capital in order to bid on properties because the property values are relatively high.
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Nevada is a mixed tax state because it conducts tax deed and tax lien sales. The interest rate is 12% but most of the counties only handle tax deed sales. The redemption period is 120 days for a vacant land while a developed land is 2 years. The tax auctions vary on each county.
One must at the tax sale to be able to buy which is done by competitive bidding. Unsold tax certificates are available over the counter after the tax sale.
Hawaii only has tax deed sales and no tax lien certificate sales. If the deed is redeemed, there will be a 1 year right of redemption that will pay 12%. Note that each county in Hawaii has different rules, processes, and even redemption periods.
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Take note, Florida is both a tax deed and tax lien state. The interest rate here is 18% and its redemption period is 2 years. Tax lien sales are held in May and June and one may win an auction through competitive bidding.
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Texas is considered the best tax deed state because aside from having 25% interest rate for the first 6 months on tax deed properties that will be redeemed by the owner, it also contains a lot of available properties.
It has 2 redemption periods – first will be when the property enters in the tax deed process (which may take a year to 2 years) and after the property is sold at a sale where the owner will have 6 months to redeem the said property before getting the clear title.
All auctions are by competitive bidding but sheriffs and private law firms usually handle the sales.
