I have heard that a person who pays the back property taxes for a parcel of property in Wisconsin becomes the new owner of the property. Is this true? I am under contract to buy a house from a seller who hasn't paid property taxes in quite a while, and the government may take the home before our close date. Does anyone know what I can do about this or who I could contact? Could I buy the home from the government or pay the back taxes for the seller? Thanks for any advice!
2007-05-20 03:19:43 · 3 answers · asked by parislaura 1 in Business & Finance ➔ Renting & Real Estate
Contact your local government -probably county depending on the jurisdiction you live in -treasurer. You can bid to pay the taxes yourself and then you will have a lien on the property and your lien will be deducted from the amount of money the seller can get from you.
2007-05-20 03:32:13 · answer #1 · answered by Joan H 6 · 0⤊ 0⤋
The taxes must be brought current or you will not be able to close. This will come out of the seller's proceeds at closing.
You can pay someone's unpaid taxes. What happens then if they continue to not pay, you are owed what you paid plus the interest and pentalties that would have gone to the city. If they sell, then you get paid at that time. If the bank forecloses and retakes the house, than you will get paid. Taxes get paid before the outstanding mortgage. There is a case where eventually you can do a tax foreclosure and take over ownership of the property but I do not know how that works.
You should ask your realtor about specific questions to property taxes and how they affect your transaction.
2007-05-20 03:27:54 · answer #2 · answered by cabriojazz 2 · 0⤊ 0⤋
Here are the answers from the government in Wisconsin
http://www.revenue.wi.gov/faqs/ise/delinq.html
I hope it helps
2007-05-20 03:54:15 · answer #3 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋