Arizona’s tax sales, especially online tax sales, have some changes in the procedures of some counties. The following is the information you need to know about online tax sales in Arizona this year.
Single simultaneous tenderee rules
Pinar County and Yawa County joined this rule last year, and this year there is a “small town” in Kokonino County. The single simultaneous bidding rule “means that the bidding cannot be conducted under different names or entities, nor can the bidding be registered in the tax sales, so that the contract, legal or financial relationship cannot be established with other bidding entities registered in the same sales. This means that the person who submits a joint tax return with you cannot register for tax sales, and no entity you participate in can register for bid tax sales. Therefore, if you are interested in a fund or other entity and the fund or entity quotes in a tax sale, technically, you cannot register a competitive bid in that sale. This is to make competitive bidding fair to all, even to institutional and individual investors. I don’t know how well this can be carried out, but I don’t want to risk breaking this rule. Because you must agree to this rule before being allowed to enter the bidding site. “Exclusive”; judge whether rules are violated. After the certificate is issued, if the bidder is determined to violate the rule, all bids of the bidder who violates the rule will be canceled, the certificate awarded will be confiscated and resold, and the offending entity will be prohibited from future tax sales.
The single simultaneous bidding rule means that if a bid is registered in tax sales and a joint tax return is submitted, the spouse cannot register, nor can the enterprise or its own IRA. In fact, people who rely on tax returns cannot register and bid for sales tax. Because the person named in the tax return is considered a legal and/or financial relationship. If you plan to bid in any county with this provision, please read this agreement carefully.
Pinar County
The biggest change in Pinar County is that if the tax lien is purchased instead of paying the follow-up tax in this year’s auction, the lien will not be repurchased in next year’s tax auction. Although they did so in this year’s tax sales, they will not require tax lien purchasers to pay the previous tax lien and the current lien. They used to demand that a real estate sell only one lien. Therefore, if the lien does not pay subsequent taxes, its lien will be recovered in the next year’s tax sales. The purchaser of tax lien shall also purchase the previous lien and recover the previous lien. They no longer require the purchase of liens in this year’s tax sales, so there may be more than one lien on a real estate in the future. When the property involved ceases to be repaid, the previous lien holders have priority, and when they cease to repay, they must repay any subsequent lien. However, if the subsequent lien holder cancels the repurchase right of the property, the transferred lien still exists, and the transferred lien holder has the right to cancel the repurchase right.
Unrefundable expenses
The non refundable fee for each certificate purchased in such a tax sale may range from $10 per certificate without prior retention to $20 per certificate purchased. Before bidding, if you read the tax sales rules and procedures of each county, you will know how much of your profits are distributed to the county at a non refundable cost.
foreign investor
Pinar and Yawa counties do not allow foreigners to register for tax auctions. The only way to allow foreigners to bid is to retain the EIN number provided by the IRS in the United States. They must be registered as US entities. Because foreigners are not allowed to bid in these two counties. Another option for foreigners is to invest in American funds or agents. Four other Arizona counties with online tax sales also allow foreign bidding.
Minimum deposit
The minimum deposit required to bid for Arizona tax sales varies from county to county. From counties without a minimum deposit to counties without a minimum deposit, to counties with a minimum deposit of $500, the minimum budget is $5000.(You must deposit 10% of the minimum budget.) Make sure you read the sales rules to understand what the minimum deposit requirements are. You also want to know the deadline for deposit payment, and you can quote. Some counties will accept deposits before the end of tax reduction, while others hope to deposit in advance.
