Michigan tax liens
Do these exist in Michigan? I live in Oakland county. If I were to call the county building, which dept. would I ask for? What type of questions should I ask them to find out about tax lien cert.?
This is my first post. Please help.
Thanks.
The short answer is yes, tax liens exist in Michigan. During the 2nd year a lien in Michigan goes unpaid it also accrues the highest interest rate mandated by any state, 50%. However, if you have to fall back on the underlying property for restitution, it seems to involve some arcane process that I haven't researched fully - one that involves becoming co-owner with the 'borrower'. Do your homework.
If property taxes are assesseed, then there will be liens. You would need to contact the real property tax office @ county clerk's for the county in question.
Usually there is a list of available tax liens for sale, which will tell you the age of the lien. It is my understanding that once the lien is purchased,you have the right to repaymentof full lien amount as well as all accrued interest, with the possibility of gaining the property. You would want to purchase the older liens ( prior years) as this would give you a shorter time to either recoup your investment or take the property. Hope this helps.