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 9 months from the date of sale, the Collector will deliver to the purchaser a certificate of sale. The certificate holder may request certificates for non-principal residence properties 6 months after the date of tax 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).