(MENAFNEditorial)
NJ allows up to 18 percent interest to people who invest in tax sales in the Garden State
MERRITT ISLAND FL
A half million dollars in past due property taxes are going on the auction block in the Township of Parsippany-Troy Hills NJ in mid-June.
Tax sale investor Ted Thomas said he expects some but not all of the past due taxes to be paid off before the auction. The ones that remain will be sold at a public auction at the Township Hall at 9 a.m. June 18.
New Jersey allows a person who buys the tax to earn as much as 18 percent interest on the past due amount. That means the property owner must pay the buyer for the taxes penalties and the interest to have the tax debt settled.
“If the owner doesn’t pay the buyer then the buyer gets to foreclose and take the property. It’s a solid win for the people who go to this auction and have a successful bid” Mr. Thomas said. “What you should understand is this is taxes. The government is going to get its money. The government is going to make certain that people who invest in tax sales are protected.”
The majority of the taxes are redeemed by the owners. Mr. Thomas said the redemption rate is more than 90 percent in such auctions. The property that is not redeemed winds up in the hands of the person who bought the taxes.
“Just pulling one at random the original tax is $1463.17. The various add-ons bump this up to $1632.64. Let’s say just for example that the tax is 2 percent of the property value. That means the property is worth $73158.50. You get to buy about $70K worth of real estate for less than $2000. If you sell the property for $50000 you pocket nearly $48000” Mr. Thomas said.
For more information about this sale call the Parsippany-Troy Hills Finance Department at (973) 263-4283. For more information about investing in tax sales visit .
ABOUT TED THOMAS – Ted Thomas is one of the nation’s premiere tax lien and tax debt investment expert. He offers expert advice news and opinion on the world of tax debt investing at his website .
Media Contact:
Ted Thomas
info@tedthomas.com
321-449-0040
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