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Last updated on Tuesday, August 25, 2015
(BEDFORD) - Lawrence County officials say more than $542,700 is due in back property taxes and officials are hoping to collect that money through a tax sale scheduled for September 30.
Currently there are 285 properties on the tax sale list.
According to Lawrence County Treasurer Paula Stewart, under state law, if a property owner is at least three payments behind on their taxes, the property can be placed sold for those back taxes.
People whose property has been listed for sale has until September 29th to pay the back taxes and prevent their property from being sold.
The tax sale will be held in the Lawrence County Courthouse lobby beginning at 10 a.m.
A tax sale buyer does not get a deed but a tax lien certificate. The original property owner still has a year to get his land back. But to do that he has to pay the back taxes, fees, the tax sale buyer's costs and interest.
If the original owner redeems the property within the one-year time limit, the money goes back to the tax sale buyer. If the property is not redeemed, the tax sale buyer gets the land, and the original owner has three years to claim the surplus.
If it is not claimed after three years, the money reverts back to the county.
Tax sales do not cost the county, because the expenses are passed on to the property owners.
People who buy property at tax sales also have procedures to follow, such as sending letters to anyone who might have a financial interest in the properties.
Stewart advises interested parties consult a professional prior to bidding.
SRI, Incorporated will conduct the sale on behalf of Lawrence County and offers information at their website www.sri-taxsale.com.
Some information is also available at the Lawrence County Treasurer's office in the Courthouse (812) 275-2431.
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