High Bid Premium
High Bid Premium Refunds
The
County will refund the high bid premium, without interest, to the holder of the
tax sale certificate upon redemption of the property or to the plaintiff in an
action to foreclose the right of redemption upon delivery of a tax sale deed
for the property for which the high bid premium was paid.
The high bid premium is not refundable after the time required (under Section
14-833 of the Tax-Property Article) for the filing of action to foreclose the right of redemption, if there has been
no redemption and if an action to foreclose the right of redemption has not
been filed within that time. In addition, the high bid premium will not be
refunded in the event a tax sale foreclosure suit is dismissed and there has
been no redemption.
| Value | Example 1 Values |
Example 2 Values |
|---|---|---|
| Assessed Value |
$118,000 | $100,000 |
| Bid Factor |
0.46 | 0.50 |
| Bid Value |
$54,280 | $50,000 |
| 40% of Assessed Value |
$47,200 | $40,000 |
| Premium | $7,080 | $10,000 |
| 20% of Premium |
.20 | .20 |
| Premium Payment |
$1,416 | $2,000 |
| Taxes | $1,299 | $2,000 |
| Premium Payment |
$1,416 | $2,000 |
| Total Payment Due |
$2,715 | $4,000 |
The Certificate of Tax Sale
After
6 months from the date of sale, the Collector will deliver to the purchaser a certificate
of sale. The certificate sets forth the fact that the property described
therein was sold by the Collector to the purchaser, the date of sale, the
amount bid, the advertised amount and the annual interest rate payable upon
redemption. The certificate is null and void if an action to foreclose the
right of redemption is not instituted by the holder within 2 years from the
date of sale. If a certificate is void, then the interest of the holder of the
certificate of sale ceases (Section 14-833).
- Any
certificate of sale, properly executed, is assignable upon notification to
the Treasury Division and the assignment vests in the assignee, all the
rights, title and interest of the original purchaser (Section 14-821).
- The
certificate of sale is presumptive evidence in all courts, in all
proceedings by and against the purchaser, of the truth of the statement
therein, and of the title of the purchaser to the property (Section
14-823).
- The
certificate of sale may be recorded among the land records of the County.
However, failure to record does not in any manner affect the right to
institute foreclosure proceedings within the time limits prescribed
(Section 14-822).