Bidding Rules

 

La Plata County Colorado

Bidding Rules for Annual Public Auction of Delinquent Real Estate Taxes

2017 Tax Lien Sale (For Tax Year 2016 and priors)

 

SUMMARY OF IMPORTANT INFORMATION

SALE

  • The web site will open for research and deposits beginning 10/04/2017. Formal Bidding and modification of bids begins 10/04/2017 at 8:00 AM MT and can be done up until the auction closes on 11/02/2017 at 5:00 PM MT. More detailed instructions can be found on the FAQ (Frequently Asked Questions) page of this web site and the SUMMARY OF IMPORTANT INFORMATION below.
     
  • A 10% deposit of your total intended winnings will be required via ACH transfer. Deposits must be completed by 10/27/2017 at 2:00 PM MT.
     
  • Each Buyer will be required to register online to participate. Buyers are responsible to assure that their information is correct as IRS W-9 forms, tax lien certificates, refunds and redemptions are prepared from this information.

BIDDING

  • Employees and officials of La Plata County, members of their immediate families or their agents may not acquire a tax lien at the La Plata County Tax Lien Sale per C.R.S. 39-11-151.
     
  • The minimum starting bid for each tax lien certificate is equal to the amount of the unpaid taxes, interest, penalties and fees.
     
  • Bid increments shall be One dollar ($1.00).
     
  • Premiums on winning bids are a cost of securing the tax lien and are not returned nor do they draw interest.

PAYMENT

  • Each winning bidder shall make a payment of funds sufficient to cover the total amount of the bidder’s winning bids by ACH on the Auction Website no later than Friday, November 3rd, 2017, at 5:00 PM (MT).
     
  • If a winning bidder fails to make such payment by this time, the Treasurer may, in the Treasurer’s sole discretion, award the tax certificates to another bidder or may offer the tax lien for sale in accordance with C.R.S. 39-11-116.
     
  • If a winning bidder fails to pay the amount due from bidding on sales, the Treasurer may prohibit a person from participating in future sales up to five years [C.R.S. 39-11-116].

TERMS

  • It is the Buyers’ responsibility to know the quality of the property on which they are paying the taxes and receiving a lien.
     
  • At the close of the auction, all successful bids are final. No changes in, or cancellation of, liens purchased can be made after the lien is sold.

INTEREST

  • Premiums do not draw interest.
     
  • When redeemed, your certificate will pay nine points over the Federal Reserve Discount Rate as of September 1st. Certificates will earn 10% for the current year’s sale, except for erroneous sales which will receive two points above the Discount Rate but no lower than 8%.

TAX LIEN

  • You do not have ownership rights to the property, only a property tax lien.

SUBSEQUENT TAXES

  • If the owner does not pay future taxes before July 1st each year, you will be notified of the amount due and you may pay them if you wish. Your payment will be endorsed onto your lien and will accrue interest at the same rate as your certificate.

TREASURER’S DEED

  • The majority of properties are redeemed.
     
  • A Treasurer’s Deed may be applied for three years after the date of the sale if the tax lien remains unredeemed. A deposit is required to cover expenses.
     
  • Tax liens expire and are cancelled after 15 years.

 

SUMMARY OF IMPORTANT DATES AND INFORMATION

 

  Bidder Accounts
  Allow foreign bidder registrations No
  Single simultaneous bidder rule No
  Allow sub-accounts No
 
  Auction Information
  Bidding style Proxy Bid Auction
  0% bids use proxy system No
  Automatic certificate rollup / rollup fee --- ---
 
  Auction Dates and Times
  Registration begins (site opens)**   10/04/2017 at 8:00 AM MT  
  Deposits or budgets begin    10/04/2017 at 8:00 AM MT  
  Bidding begins    10/04/2017 at 8:00 AM MT  
 
  Deposits or budgets end   10/27/2017 at 2:00 PM MT  
  Registrations end 11/02/2017 at 5:00 PM MT   
   
  First batch closes N/A
  Batch closing interval N/A
  Last batch closes (auction ends)   11/02/2017 at 5:00 PM MT  
   
  Payment due date   11/03/2017 at 5:00 PM MT  
 
  Budget, Deposit and Payment Information  
  Deposit required (% of estimated winnings)   10%
  Minimum deposit amount   $0.00
   
  Deposit / Payment types acceptable: Deposits Payments
      Budget  No ---
      ACH  Yes Yes
      ACH auto-debit final payment  --- No
      Wire transfers No No
      Counter payments No No
 
  Redemptions via ACH Yes
 
  Public Access
  Public computers available  La Plata County Treasurer's Office  
 or the Durango Public Library
 
  ** Subject to change. The site will open when approved by the county.  

 

For an explanation of any of the terms above, please visit the FAQs.
 
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