This post features Utah Tax Sales Explained, A video posted on YouTube on April 28, 2020.
Allan Susoeff here with AskAlHow talking to you today about Utah Tax Sales
In this series of videos, I look at one state for each video. I explain the basics of tax liens or tax deeds in that state. In this video, we will be discussing Utah Tax sales.
Utah Tax Sale Facts:
Utah has 29 counties and is a deed state. They sell Tax Deeds using the Premium Bid method. Some counties MAY use the Undivided Interest Method of bidding. Thais method is more commonly called “Bidding down the Ownership”. Some teachers think this method is OK. I teach that if you do not get ownership or at least control, then you don’t play,. Right? That said, remember to do your due diligence.
Utah has some issues. However, it is a good deed state, as bidding typically begins at the lien amount. That amount is normally back taxes, penalties, interest, and some costs.
Timing:
Utah tax sales occur during the months of May and June. All Utah tax deed auctions happen on location, in person.
Title:
A tax sale wipes out other junior claims and liens. Utah Tax Sales do not have a redemption period. However, there is a four-year statute of limitations. Interested parties can to try to set aside the sale during that time. After that, You must do a quiet title suit.
Properties are available over the counter.
Utah has some GREAT opportunities; if you can wait it out. Thing is, I like to move faster than 4 years. It is actually more than 4 years because a quiet title takes around 6 months. As a result, I only give Utah a 2 out of 5.
Allow me to give you something free!
Tax Sales are complex. Utah Tax Sales are no exception. That being the case, I’d like to do is give you guys a worksheet for the state. Each one of the worksheets is several pages. Each one has all the information I mentioned plus my personal notes. There are links to the state’s laws and other applicable websites. There are also links to every single County and in some cases municipality. This is important as some of the northeastern states run their auctions by city instead of by County. Finally, each worksheet has got a map of the state showing the counties for your convenience.
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.
