Based only on an old RE Guru book that I have that was published in the 80's It appears that New York is a Tax Sale Certificate State, and the best place for you to start would be the tax Collector's Office for information about the sale. Most likely someone there will be able to explain the process to you. I'd start at the county Ofices. At the time of publication, the yield on the certificates was 12% with a 2 year redemption perion
What about Illinois? And how much of an investement is required for what rate of return? I've heard much about this subject but only in the most vague sense.
Back to the old book again, At the time of publication.
Illinois is a Certificate state, The Contact is the Tax Office, and the starting rate of interest is listed as 18-36%, and the Redemption period is from 6 months to 2 Years. Sorry I don't have any more specific information on Illinois, however. In both of a couple of freebie afternoon seminars trying to bait me into spending, (I'm sorry, "Investing" money to learn more, Illinois was brought up as one of 3 of 4 examples they gave specifically, along with Texas and Michigan. I assume that Illinois is one of the states with the highest returns.
Most of the time the auctions start out with the amount of back taxes as the minimum bid, and the bidders will either bid the price up, or the yield down. You'll have to see how it's done where you live. You'll need certified funds to bid at the auction. Just a little side note. In some jurisdictions, there are more properrties available than they have time to auction. If this is the case where you live, you may be able to pay the taxes on properties that made the list, but due to time constraints, were not auctioned off at the last auction. If this opportunity is available to you, you may be able to invest without the added frenzy of the auction, and get the properties for the minimum bid, and maximum returns. It might be worth asking to the helpful clerk that you find that has the answers to your questions.
Good Luck,
Jeff
[I]null[/I] 
Based only on an old RE Guru book that I have that was published in the 80's It appears that New York is a Tax Sale Certificate State, and the best place for you to start would be the tax Collector's Office for information about the sale. Most likely someone there will be able to explain the process to you. I'd start at the county Ofices. At the time of publication, the yield on the certificates was 12% with a 2 year redemption perion
Thank you so much. I really appreciate your assistance. Will start there.
What about Illinois? And how much of an investement is required for what rate of return? I've heard much about this subject but only in the most vague sense.
PJ
Back to the old book again, At the time of publication.
money to learn more, Illinois was brought up as one of 3 of 4 examples they gave specifically, along with Texas and Michigan. I assume that Illinois is one of the states with the highest returns.
Illinois is a Certificate state, The Contact is the Tax Office, and the starting rate of interest is listed as 18-36%, and the Redemption period is from 6 months to 2 Years. Sorry I don't have any more specific information on Illinois, however. In both of a couple of freebie afternoon seminars trying to bait me into spending, (I'm sorry, "Investing"
Most of the time the auctions start out with the amount of back taxes as the minimum bid, and the bidders will either bid the price up, or the yield down. You'll have to see how it's done where you live. You'll need certified funds to bid at the auction. Just a little side note. In some jurisdictions, there are more properrties available than they have time to auction. If this is the case where you live, you may be able to pay the taxes on properties that made the list, but due to time constraints, were not auctioned off at the last auction. If this opportunity is available to you, you may be able to invest without the added frenzy of the auction, and get the properties for the minimum bid, and maximum returns. It might be worth asking to the helpful clerk that you find that has the answers to your questions.
Good Luck,
Jeff