Earn Up to 24% at Somerset County, Maryland’s Tax Lien Sale
If you’re looking for a smart way to invest in real estate, Somerset County, Maryland’s annual Tax Lien Sale offers a great opportunity. Held every June outside the Somerset County Office Complex, this in-person auction allows investors to earn impressive returns by purchasing tax lien certificates. Here’s what you need to know to get started:
What is a Tax Lien Certificate?
When property owners fail to pay their taxes, the county issues a tax lien certificate, which is then sold at auction. The winning bidder pays the owed taxes, and in return, the lien earns interest until the property owner pays off the debt.
How Does it Work?
Auction Date and Location:
The annual tax sale takes place in June at the Somerset County Office Complex located at 11916 Somerset Avenue, Princess Anne, MD.
Bidding Process:
Bidders compete by offering the highest premium over the owed taxes. The highest bidder wins the lien.
Interest Rates:
The lien accrues a 1% monthly interest rate. If the property owner redeems the lien within six months, you’ll earn a 6% return. If redeemed within 15 months, you earn 15%, and so on, up to two years.
Redemption and Foreclosure:
Property owners have six months to redeem the lien by paying the owed amount plus interest. If not redeemed, you can initiate foreclosure to acquire the property for the back taxes and fees.
Important Details
Detail
Information
Sale Type
Tax Lien Certificates
Typical Date of Sale
June
Redemption Period
4 months after the sale until foreclosed by the certificate holder
Did you know that Somerset County, Maryland, was named after Mary, Lady Somerset, the wife of Sir John Somerset? She played an influential role in Maryland’s early history, adding a rich layer of cultural significance to this beautiful county.
In addition to its historical importance, Somerset County is a hidden gem along Maryland’s Eastern Shore. Known for its serene landscapes, the county offers stunning views of the Chesapeake Bay and the Wicomico River. The charming town of Princess Anne, home to the University of Maryland Eastern Shore, adds to the region’s allure. So, while you explore tax lien investment opportunities, take a moment to appreciate the quiet beauty and historical depth Somerset County has to offer!
What happens if the property owner doesn’t pay the taxes?
If the property owner doesn’t redeem the lien within six months, you can start the foreclosure process to acquire the property.
Are there any penalties for the property owner?
Yes, if the property owner does not pay, they may face foreclosure, and the property could be transferred to the lien holder.
Can I participate in the auction online?
No, the auction is held in person at the Somerset County Office Complex.
Investing in tax liens can be a lucrative venture if done right. It’s important to thoroughly understand the local laws and regulations, so don’t hesitate to reach out to the County Tax Collection Office for more detailed information.
Need a Hand?
Need more guidance on how to start investing in Somerset County’s tax lien sales? Book a call with us or visit free resources for more details. Let’s make your investment journey a success!
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Learn how to get 18-36% returns on your investment and buy property for as little as $500 with tax lien and tax deeds.
Lien Sales Annually Oct – Nov. Deed Sales Are Held on a Needed Basis and Only on Properties That Were Not Sold at Lien Sale and Were Held by the County for 18 Months
10% Penalty if Redeemed in 1st 6 Months, 15% Penalty if Redeemed in Months 6-12, but Only on the Taxes and Fees Not the Overbid. Overbid Amount Receives 5% Interest.
Redemption Period:
1 Year if Sold at County Sale, Liens Not Sold at County Sale Are Certified to Commissioner and Sold in “Commissioner’s Certificate Sale” With 120 Day Redemption Period
Online Auction:
Yes
Over the Counter:
No but There Is a Second Auction Called a Commissioners Certificate Auction With a Shorter Redemption Period of 120 Days
25% Penalty Per 6 Months for Non Homestead or Special Land Use Properties. If 2 Yr Redemption Period Applies 25% for 1st Year and 50% Penalty for 2nd Year
Redemption Period:
6 Months for Most Properties. 2 Years for Homestead and Special Land Use Properties
Online Auction:
The Vast Majority No, but in 2019, Two Counties (Victoria & Orange)
“Upset Sale” First With Premium Bidding Which Does Not Extinguish Other Liens, Followed by “Judicial Sale” Where All Liens With the Exception of Irs Liens Are Extinguished
Frequency:
Annually Throughout the Year. Upset Sales Typically Held in the Fall. Judicial Sale Typically in the Spring but Could Be Anytime After the Upset Sale.
Interest Rate / Penalty:
N/A
Redemption Period:
N/A
Online Auction:
Very Few
Over the Counter:
Yes Through “Repository” List With County Acceptance
Somerset County
Earn Up to 24% at Somerset County, Maryland’s Tax Lien Sale
If you’re looking for a smart way to invest in real estate, Somerset County, Maryland’s annual Tax Lien Sale offers a great opportunity. Held every June outside the Somerset County Office Complex, this in-person auction allows investors to earn impressive returns by purchasing tax lien certificates. Here’s what you need to know to get started:
What is a Tax Lien Certificate?
When property owners fail to pay their taxes, the county issues a tax lien certificate, which is then sold at auction. The winning bidder pays the owed taxes, and in return, the lien earns interest until the property owner pays off the debt.
How Does it Work?
Auction Date and Location:
The annual tax sale takes place in June at the Somerset County Office Complex located at 11916 Somerset Avenue, Princess Anne, MD.
Bidding Process:
Bidders compete by offering the highest premium over the owed taxes. The highest bidder wins the lien.
Interest Rates:
The lien accrues a 1% monthly interest rate. If the property owner redeems the lien within six months, you’ll earn a 6% return. If redeemed within 15 months, you earn 15%, and so on, up to two years.
Redemption and Foreclosure:
Property owners have six months to redeem the lien by paying the owed amount plus interest. If not redeemed, you can initiate foreclosure to acquire the property for the back taxes and fees.
Important Details
Fun Fact
Did you know that Somerset County, Maryland, was named after Mary, Lady Somerset, the wife of Sir John Somerset? She played an influential role in Maryland’s early history, adding a rich layer of cultural significance to this beautiful county.
In addition to its historical importance, Somerset County is a hidden gem along Maryland’s Eastern Shore. Known for its serene landscapes, the county offers stunning views of the Chesapeake Bay and the Wicomico River. The charming town of Princess Anne, home to the University of Maryland Eastern Shore, adds to the region’s allure. So, while you explore tax lien investment opportunities, take a moment to appreciate the quiet beauty and historical depth Somerset County has to offer!
Useful Links
Frequently Asked Questions
What happens if the property owner doesn’t pay the taxes?
If the property owner doesn’t redeem the lien within six months, you can start the foreclosure process to acquire the property.
Are there any penalties for the property owner?
Yes, if the property owner does not pay, they may face foreclosure, and the property could be transferred to the lien holder.
Can I participate in the auction online?
No, the auction is held in person at the Somerset County Office Complex.
Investing in tax liens can be a lucrative venture if done right. It’s important to thoroughly understand the local laws and regulations, so don’t hesitate to reach out to the County Tax Collection Office for more detailed information.
Need a Hand?
Need more guidance on how to start investing in Somerset County’s tax lien sales? Book a call with us or visit free resources for more details. Let’s make your investment journey a success!
Sign up or log in to view the full content.
Join Us
Learn how to get 18-36% returns on your investment and buy property for as little as $500 with tax lien and tax deeds.