Tax sale results in slight loss
NORWICH – Chenango County failed to break even on this year’s tax sale of delinquent properties, and actually lost some.
The overall net loss was $269. About $400,000 was reclaimed.
There were originally 57 parcels identified for the annual tax sale, of which only 48 had qualified high bids. Five properties had been in bankruptcy protection since 2005, with two of those going back as far as 1997. County officials made a concerted effort to stop the bleeding this year on properties shielded from foreclosure, and the loss was partly a result of that, said Deputy Treasurer Barbara Strier.
Seven of the parcels had disqualified bidders, six of whom were the high bidders.
Finance Committee Chairman Wayne Outwater, R-Lincklaen, said he was pleased that the county “had come that close considering the economic times we are in.”
Property owners who are delinquent on their taxes may avoid foreclosure by filing for bankruptcy protection. The courts then arrange a partial payment plan for them, with or without interest depending upon the creditor. In turn, filers are expected to keep their current taxes paid up.
The overall net loss was $269. About $400,000 was reclaimed.
There were originally 57 parcels identified for the annual tax sale, of which only 48 had qualified high bids. Five properties had been in bankruptcy protection since 2005, with two of those going back as far as 1997. County officials made a concerted effort to stop the bleeding this year on properties shielded from foreclosure, and the loss was partly a result of that, said Deputy Treasurer Barbara Strier.
Seven of the parcels had disqualified bidders, six of whom were the high bidders.
Finance Committee Chairman Wayne Outwater, R-Lincklaen, said he was pleased that the county “had come that close considering the economic times we are in.”
Property owners who are delinquent on their taxes may avoid foreclosure by filing for bankruptcy protection. The courts then arrange a partial payment plan for them, with or without interest depending upon the creditor. In turn, filers are expected to keep their current taxes paid up.
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