Today we will go over the Ohio Tax Sales Explained Video for YouTube posted on May 23, 2020.
Ohio has 88 counties and is both a lien and deed state. The auction style for liens is to bid down the interest. For Tax Deeds, the state of Ohio uses the Premium Bid auction method. The redemption period for liens is one year and there’s a 15 day redemption period as well on Deeds. Ohio is not one of the better states for investing in tax liens or Deeds and there several reasons for this.
Ohio is a deed state historically, but they actually have both types of sales. Counties with populations of over 200,000 are also allowed to sell lien certificates as well as deeds. You will need to check with each county to see which type of sale. it uses.
The Good & The Bad in Ohio
Pursuant to Ohio Revised Code Section 2329.17, “no tract of land may be sold for less than two-thirds of the appraised value”. As such, no great deals will be found in Ohio. This fact alone renders Ohio one of the worst of all the deed states for bargain-hunting investors. Furthermore, an owner may redeem his or her property by payment in full of all taxes and costs until the sale is confirmed by court which is typically about 15 days after the sale.
The Ohio annual tax lien certificates auctions are held at various times throughout the year depending on the county. also, all of these tax lien certificate auctions are held on location. The bidding process is the bidding down of the interest rate starting at 18% per annum. The minimum redemption period is 1 year and begins from the date of the tax sale auction. Another “not-so hot” aspect to Ohio Tax sales, is that Tax lien certificates are generally sold in bulk, meaning that usually they will only be available to institutional investors with large sums of money.
Finally, due to a variety of reasons such as In Rem Foreclosure and Auditor’s sales, not all properties in Ohio counties emerge from the tax sale free and clear of all liens and encumbrances. Due diligence is of PARAMOUNT importance in this state.
An Awesome Resource for Tax Sale Investors
Something else that I’d like to mention. I recently released a 250 page book called the ultimate dictionary of real estate terms. I have scoured the Internet, worked with other authors with their books, and delivered you guys a reference that has more than 4300 terms related to real estate defined. It’s available at Amazon and Barnes & Noble and about 200 other retailers around a price point of $20 but at the end of this video will show you how you can get it for free.
If you would like to have Ohio Tax Sale explained even more,
click on one of the links below:
Interested in Tax Sales in Another State?
Tax Sales investing is a niche that has the potential to be insanely profitable.
However, most investors do not have a deep understanding of this investing strategy.
Every state has a unique set of rules and regulations. There are some basic rules you need to understand as to how the process works. Generally, states will fall into one of three categories:
- Tax Lien States
- Tax Deed States
- Hybrid States
Hybrids are states who conduct their tax sales by selling tax deeds with a caveat. The deeds have a redemption period much like a tax lien certificate.
This map provides links to information for every state as well as Washington DC.