In Today’s Post We Will Discuss Oklahoma Tax Sales.
Oklahoma has 77 counties and is a deed state using the Premium Bid method when conducting it’s auctions.
in terms of those auctions, it is important to note that in 2008 Oklahoma repealed many of its laws regarding delinquent properties and the state passed from being a lien state to being a deed sate. As far as we know, everything is done on location in Oklahoma.
When and Where to get a Tax Deed in Oklahoma
Tax delinquent properties are sold annually on the second Monday in June. The bidding process is premium bid where the property is sold to the highest bidder, as mentioned above. by State Law, the minimum bid must be set to a sum not less than two-thirds the assessed value of the property or the total amount of taxes, penalties, interest and cost due on the property, whichever is less. This makes it harder to find a great deal in Oklahoma.
Tax deed properties that do not sell initially at the county resale auction are then retained by the county and re-offered to the public as a Commissioner’s deed anytime after the resale as determined by the County Commissioner, over the counter. That being said, an investor may bid on a county held property with the local treasurer who may opt to hold another auction to allow for competitive bidding or elect to sell the parcel on a first come first serve basis.
While Tax sales typically wipe away any other encumbrances on a property, Oklahoma reserves the right to keep the state tax or other liens primary to the tax deed. So, make sure that state liens either do not exist; or if they do will not kill the profit on your deal.
It is important to note that MANY Oklahoma counties DO NOT have an official website, being a rural state, and so, all we have been able to provide is links to phone numbers or other contact information.
A Special Gift
Now what I am going to do next is give you guys a worksheet for the state of Oklahoma. Each one of the worksheets is several pages. Each one has all the information I just mentioned plus my personal notes for each state and then links to the states laws, other applicable websites, and links to every single County and in some cases municipality as in some of the northeastern states who run their auctions by city instead of by County. Finally each worksheet has a map of the state showing the counties for your convenience.
If you would like to know more about the Oklahoma Tax Sale , 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.