2007-02-16 05:12:36 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
No you don't own it. What the previous person was talking about was you have to pay for it for 7 years consecutively and the owner isn't fighting it. Rare and never happens.
Please understand two different things - a tax lien and a tax deed. A tax lien are bonds filed on late taxes, so you are investing in debt hoping the property owner pays it back. When the owner pays it back, you get the interest rate plus penalties (interest range from 5% to 25% depending on state). If the owner doesn't pay, in some states you can redeem and own the property in 2-3 years.
A tax deed is a property that's foreclosed by the govt because they didn't pay taxes. When you buy one, you own it in most states.
I suggest you invest in a book on how to do this type of investment so you know what you're doing. A suggestion can be found below. I invest in tax liens and tax deeds too and found this book to be a great guide. I think Amazon has the cheapest, just type in the ISBN number in the search field.
2007-02-16 05:49:27 · answer #1 · answered by John Rosa 3 · 2⤊ 0⤋
seriously, check with your court house b/c i know in ohio after paying something for so many years, yes it is yours!! maybe not the lien, but the taxes themselves
2007-02-16 05:19:20 · answer #2 · answered by Jen 4 · 0⤊ 1⤋
No, unless that's the deal you made with the owner.
2007-02-16 05:49:05 · answer #3 · answered by chick_fin 2 · 0⤊ 0⤋