No Live Auction; Rising COVID Cases Moves Bidding Online
There are 98 parcels of property in Scott County with delinquent taxes that could be sold at an auction on Monday, Oct. 4, beginning at 10 a.m., according to a legal notice on page 3 of this week’s issue of the Crothersville Times as well as this online edition.
“This year’s tax sale will be an online auction due to the continued changes in the COVID-19 pandemic,” said Scott County Auditor Tammy Stout Johnson. “Our decision to do this is based on public health issues. It is not our purpose to limit participation but to limit the spread of COVID.”
She explained that there are limited rooms in the courthouse large enough to hold a live tax sale auction. “If there is a large crowd we are not able to properly socially distance, it makes for a potentially unsafe, unhealthy environment for everryone,” she said
The public auction will be conducted as an electronic sale under IC 6-1.1-24-2(b)10, at www.zeusauction.com. The public auction will begin on at 10 a.m. local time on Oct. 4. The properties in the online auction will commence closing at 2:00 PM local time on Wednesday, Oct. 6, at www.zeusauction.com.
“Each property will have its specific closing time posted on the auction web site,” said Johnson.
According to the legal notice, buyers interested in participating in this public auction must be registered at https://www.zeusauction.com. In order to participate, you must become a member of the auction web site (www.zeusauction.com). You must read, understand and agree to the rules of sale and payment terms. Once you become a member of the auction web site, you must register for the Scott County auction, specifically, the legal notice reads.
In order to bid in this online public auction, bidders must both complete IRS Form W-9 and agree to the registration statement described at IC 6-1.1-24-5.3(c) electronically, through the auction web site.
A business entity that seeks to register to bid at the Scott County Tax Sale must provide a Certificate of Existence or Foreign Registration Statement in accordance with IC 5-23 from the Secretary of State to the Scott County Treasurer.
The period to register for the sale begins on Friday, August 20, and closes on Monday, Oct. 4, when the auction begins at 10 a.m. If you do not complete the full registration process for the sale you will not be approved to bid on the auction.
Successful bidders will have until 1 p.m. on Friday, Oct. 8 to make payment at the Scott County Treasurer’s office.in the courthouse at 1 East McClain Avenue in Scottsburg
“Payment must be by cash or certified fund only,” said county treasurer Missy Applegate. “Payments can be made in person or mailed to the treasurer office but must be received no later that 1 p.m. on Oct. 8.”
If the successful bidder does not make payment within the required time, state law allows the bidder to be assessed a penalty of 25% of the amount of their bid, according to IC 6-1.1-24-8.
Real estate on which property taxes have not been paid for 18 months are eligible to be offered for sale by the county for back taxes.
During the October auction, properties will be offered for late taxes and auction fees with a minimum beginning bid.
After the auction, the property owners have up to a year to ‘redeem’ or pay the successful bidder for his bid plus interest, according to the auditor.
In the first six months, to redeem a property an owner must pay 10% of the minimum bid and 5% per annum for any bid amount over the minimum bid. After six months, the interest goes to 15%.
In this day of less than 1% savings accounts and 1.5% CD’s, many investors participate in tax sales as a way to earn better returns on their money.
Residents with property on the delinquent property tax list have until the day of the auction to pay the back taxes and have the property removed from the auction’s sale list.