I heard that this happens alot to old people. What si sthis called and how can you check to make sure this in not happening to your love ones
2007-11-06 07:28:54 · 6 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Your statement is correct under the appropriate situation. If a tax obligation is not satisfied, the taxing authority (county tax assessor collector or IRS or others) can place a lien or seize the property (after appropriate legal process). If the property is seized and sold at auction or sheriff's sale, the owner of the property has what is called "right to reclaim" first before anyone else. If the owner brings the appropriate cash/payment to the sale, the owner has first right to retrieve the property (regardless, if someone else would have paid more)....
The only way to make sure this is not happening is to ensure their taxes are paid in a timely manner.. I know one family this happened to and the house was sold over taxes for 3,000 dollars...
Hope that helps.. e-mail if any questions.. .
2007-11-06 09:19:29 · answer #1 · answered by MBATXguy 4 · 0⤊ 0⤋
Who is the their's (not there's) that you refer to?.
In some cases the people will sign over their property to the state for a steady, but small income and medical attention, and when they pass on, the property belongs to the state.
There are also those that get what is called "reverse mortgage" and here again, the property reverts to the mortgage company ownership on the owners death.
Unless those that are paying the taxes have some guarantee in writing that they take ownership on the owner's death as payment for taxes paid, I don't think this will happen.
2007-11-06 15:41:08 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Sometimes. There are people who don't realize they have to pay texes. if someone comes a long, usually it is a bank, and pays the back taxes, they can take the house. In order to make sure this doesn't happen, you need to check the city and make sure the taxes are being paid on the property
2007-11-06 15:37:14 · answer #3 · answered by Anonymous · 0⤊ 1⤋
Besides the county selling your property at public auction, there is an unusual method--acquiring title by adverse possession. If someone you know is not paying their property taxes and some mysterious person is paying it for them, they should make sure the address on the bill is theirs and also consult an attorney to review the situation.
2007-11-06 20:14:01 · answer #4 · answered by Anonymous · 0⤊ 0⤋
No.
If you do not pay your taxes for a couple years, it will go into a sheriff's sale (auction) and the starting bid will be the amount due on the taxes.
2007-11-06 15:37:49 · answer #5 · answered by areyoustupid3214 5 · 0⤊ 0⤋
It's not anywhere near that simple. If you don't pay your property taxes, eventually your house will be sold at auction
2007-11-06 19:48:51 · answer #6 · answered by Judy 7 · 0⤊ 0⤋