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Delinquent Real Estate Tax

 

Pursuant to KRS134.480, third parties (any person) may purchase tax payers' delinquent tax bills. The Delinquent Tax sale date for McCreary County will be August 29, 2017.

 

 

INSTRUCTIONS FOR THE REGISTRATION TO PURCHASE  CERTIFICATES OF DELINQUENCY

 

 

 

 

 

 

APPLICATION FOR CERTIFICATE OF REGISTRATION TO PURCHASE CERTIFICATES OF DELINQUENCY

   

 

PURCHASE PROCESS FOR 3RD PARTY PURCHASERS WITH PRIOR YEAR CERTIFICATES
 

At least 10 business days or more before the sale date, a "Purchase Intent List" shall be submitted.

3rd party purchasers holding a certificate of delinquency from a prior year shall submit to the county clerk a separate list of current year certificates they wish to purchase that relate to the property for which they hold the prior year certificate of delinquency.

The list submission date is 4:00 PM, August 21, 2017.

 

The list shall be clearly identified as "Purchase Intent List - Prior Year Certificate of Delinquency List." The list shall be prepared in 2016 tax bill number order and shall include the following information:

  • the current year's tax bill number

  • the prior year claim's tax year and bill number

  • the book and page numbers where the prior year claim is filed, if applicable

  • the map #, also known as parcel ID number

  • a copy of the most recent prior year certificate of delinquency

 

The 3rd party purchaser must provide a copy of the most recent prior year certificate.

 

Full payment shall be made by certified check at the time the list is submitted. An additional $28.00 filing fee is required for each certificate of delinquency purchased. One certified check including both amounts is allowable.

 

During the time period between the submission of the list and the tax sale date (10:00 AM August 29, 2017), the clerk shall review the lists to identify which 3rd party purchaser holds the most recent prior year tax claim.

 

The current year certificates that are verified to have valid prior year claim will then be sold to the appropriate 3rd party purchaser.

 

THE FAILURE OF A 3RD PARTY PURCHASER TO PROPERLY AND TIMELY SUBMIT A PURCHASE INTENT LIST OF PRIOR YEAR CLAIMS AND PROPER PAYMENT SHALL RESULT IN THE LOSS OF THEIR PURCHASE PREFERENCE. THE APPLICABLE CERTIFICATE OF DELINQUENCY(S) WILL THEN BE PLACED IN THE POOL OF CERTIFICATES TO BE SOLD AT THE TAX SALE.

 

THESE PROCESSES ARE SUBJECT TO CHANGE IF NECESSARY. ALL ANNOUNCEMENTS ON THE DAY OF SALE TAKE PRECEDENCE OVER THE ABOVE INFORMATION.

 

 

 

 

TAX SALES PROCEDURES FOR PURCHASERS W/O PRIOR YEAR CERTIFICATES OF DELINQUENCY

 

At least 10 business days before the date of the tax sale, (August 29, 2017), each individual or entity seeking to participate in the sale shall register with the county clerk and present a non-refundable registration fee, certified check only. The registration fee is tiered starting at $10.00 per certificate of delinquency and capping at a $250.00 fee. The registration fee is capped but the number of bills eligible to be purchased is not. (KRS 134.010, sec 10 (h)).

 

A "PURCHASE INTENT LIST" OF BILLS MUST BE TURNED IN AT THE SAME TIME AS PAYMENT.

 

  • Payment shall be made by certified check at the time the list is submitted (25% of List Value must be submitted). An additional $28.00 filing fee is required for each certificate of delinquency purchased. One certified check including both amounts is allowable.

  • The purchasers information to be provided is as follows:

    • Purchaser's name

    • Purchaser's mailing address (physical and P.O. box)

    • Purchaser's Telephone number

    • If purchaser is an entity, the name of a contact person shall also be provided.

  • A potential purchaser shall also submit an affidavit affirming that the purchaser is not related to any other individual or entity that will be participating in the sale.

  • The following shall be considered related entities:

    • Members of the same family

  • Entities:

    • With common ownership or management

    • Having been formed by one or more of the same entities

    • Having one or more of the same investors

    • Having one or more of the same directors, members, partners or officers

    • Having more than one client registered for that county's sale
       

  • At the same time a third party purchaser registers with the county clerk, the purchaser shall submit a Purchase Intent List of certificates of delinquency that he, she or it intends to purchase.

  • The list shall be prepared in 2016 tax bill number order as determined by the county clerk and shall include:

    • The tax bill number

    • The taxpayer name

    • The amount due on the certificate of delinquency as of sale date, August 29, 2017

    •  

    • A total amount of all certificates of delinquency

    • A total amount of all recording fees for certificates of delinquency

  • The county clerk will make every effort to prevent unfairness in the sale process by prohibiting participation by multiple entities.

  • The sale shall be conducted in a manner similar to a professional sports draft with each purchaser having an opportunity to purchase certificates in turn through several rounds.

  • The order of selection shall be determined by a random drawing with the purchaser drawing the lowest number going first.

  • Purchase rounds shall continue until all certificates have been sold or all purchasers have withdrawn from the sale.

  • When a purchaser withdraws from the sale, no other purchaser may take the place of the withdrawing purchaser.

  • Purchasers shall only be allowed to purchase those certificates included on their previously submitted list.

  • If certificates remain after all purchasers have withdrawn, then those remaining certificates may be sold to any registered purchaser.

  • The county clerk may impose a time limit on purchasers during each round.

  • The county clerk shall determine how many certificates may be purchased in each round based on the following guidelines:

    • 500 or fewer certificates will be sold in lots of up to 5

    • 501-1000 certificates will be sold in lots of up to 10

  • It is the responsibility of each purchaser to do their own research on certificates of delinquency they intend to purchase. The McCreary County Clerk's office will not do research for any purchaser.

  • It is the purchaser's responsibility to do bankruptcy research as well.

  • All purchases are final. No refunds will be issued after the sale.

Please contact the McCreary County Attorney's office for any pending litigation or payment agreements that may be in place.

 

THESE PROCESSES ARE SUBJECT TO CHANGE IF NECESSARY.  ALL ANNOUNCEMENTS ON THE DAY OF SALE TAKE PRECEDENCE OVER THE ABOVE INFORMATION.

 

For more information go to the Kentucky State Department of Revenue

 

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Last Update: 08/17/2017