Indiana Laws On Tax Liens
hello! i am looking at possibly investing in tax liens in Indiana. i have a few questions:
1. is the interest that the prop. owner has to pay in order to redeem his/her prop. on the total amount that the lien investor has paid to buy the lien, or just on the back taxes?
2. is the interest rate prorated?
3. is the tax lien purchaser responsible for sending out notices to the prop. owner and all parties with interests from the minute they become the owner of the lien, or is that only in the event that the prop. owner has not redeemed the property and the forclosure process is to be started??
i appreciate any and all the help you can provide me with!!
has/does anyone out there invest in indiana?
In Indiana you receive 10% interest on the taxes if they are redeemed up to 6 months from the date of sale (no proration) and 15% if its redeemed after 6 months and up to one year.
If you overbid (pay a premium) you recieve 10% simple interest until the property is redeemed $ amt * 10% /365 * # of days held.
Yes you must notify the owner and anyone else with a recorded interest in the property (you are reimbursed for the cost). You only need to notify people with an interest before you acquired your lien.
Hope this helps.