The District’s annual delinquent property tax auction failed to generate bids on more than half the lots up for sale, leaving $24 million in real estate taxes still unpaid. But the Office of Tax and Revenue isn’t giving up on its collection efforts. Quite the opposite — it’s ramping up. OTR sold the liens on roughly 1,265 properties during the three-day September sale out of more than 2,700 lots auctioned. The sale generated $11.2 million, well short of the $35.9 million owed to the city in taxes, interest and penalties. The properties that did not sell are “bid back” to the District. Starting soon, officials say, OTR will launch a “special deed sale,” where it puts unsold, still-delinquent properties on the block to anyone with the cash to pay what’s owed.
D.C. will rebid delinquent properties
Most Popular Articles
Latest Articles
Pending home sales pick up in February: NAR
Transactions remain 7% lower on an annualized basis as mortgage rates remain an obstacle
-
11 real estate events & conferences to help you thrive in 2024
-
In quest to grow reverse business, US Mortgage Corporation hires Krajewski
-
NAR wants VA to change rules that prohibit veteran buyers from paying broker commissions
-
Renters gain financial edge over homebuyers in key U.S. markets: Realtor.com
-
Reverse-centric Ibis Software appoints Sivori to board of directors