It is property "seized" by the government for non-payment of taxes or in satisfaction of a tax lien. It can either be converted to government use or sold at auction to raise revenue.
Tax liens are not wiped out by a foreclosure. They must be paid in order to clear the title to the property so that it can be sold. If the lender has to pay them it will add that amount to the amount you owe.
3 years after first delinquency
Guy N. Beasley has written: 'Investment in tax properties' -- subject(s): Tax-sales, Foreclosure, Real estate investment, Government sale of real property
Generally: The law is that if your property taxes are not paid on time a penalty or interest begins to accrue. IF the default continues the government can take possession of the property by a tax taking and foreclosure procedure. Your land can then be sold to a new owner.
A foreclosure wipes out any liens that were recorded subsequent to the mortgage. However, the lender must give notice to the IRS if a tax lien has been recorded against the property. If not notified the IRS has certain rights that may encumber the property after the foreclosure sale. Delinquent property taxes are not wiped out.
All towns in the State of Connecticut have tax foreclosure sales. The State of Connecticut Judicial Branch lists pending foreclosure sales online by town. They list the sales date and time, docket number, type of sale, property address, property photo, and bidding instructions. You can also find tax sale information and property listings from the individual town tax collector websites.
You're most likely to pay your county or town taxes in the form of a property tax. Property taxes are levied on real estate, such as land, buildings, and homes, by local governments to fund public services and infrastructure. The amount of property tax you owe is typically based on the assessed value of your property and the tax rate set by the local government. Failure to pay property taxes can result in penalties, interest, and even the loss of your property through tax foreclosure.
No the bank pays the property tax and maintains the property. You are still responsible for the mortgage
Is this property in pre-foreclosure or just foreclosure May I please get all the details on this property
It is a tax levied on ownership of property by the government. It provides income to the government.
You might start here; http://www.ustreas.gov/auctions/irs/
It's unclear from your question who owns the property, who is foreclosing on the unit and the reason for the foreclosure. If you own the property, and you owe money -- either to a lender, to a tax authority or to the association for over-due assessments -- foreclosure should not be a surprise. Foreclosure is usually accomplished either by a lender, a tax authority including the IRS, a co-owner, or the association. Before action for foreclosure begins, the owner has been notified, warned, advised and otherwise informed of options in lieu of foreclosure, but that foreclosure is a possibility. If not before now, the foreclosure action has your attention. You can attempt to work out a different result with whomever has taken the foreclosure action, which may prevent you losing your residence.