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1993
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1993
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CITY CLERK
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After we get the judgement, it becomes final in 30 days. The case can <br />be appealed if there is a defendant, which is very seldom done because <br />the case is stacked in favor of the taxing entity. After the judgement <br />is in place, then in coordination with the taxing entities, we make a <br />decision at that point what we want to do with the property. In cases <br />we may have a sheriff sale, so instruct the sheriff to get out a rite <br />of sale, to post notice of that sale, then at the court house steps the <br />sheriff sales the property. The law,V..equires that at that point, the <br />minimum bid is the amount of taxes and court cost due, which often <br />means that you do not have any bidder at the sheriff because the <br />property may be worth $500.00, and have the total taxes and cost at two <br />or three thousand dollars. If there are no bidders other than the <br />entities, the entities bid in the property, and usually it is bid in a <br />sheriff deed, which is a deed without warranty, usually goes to the <br />City as trustee for the other entities. At that point the entities own <br />the property, they have the right to sell the property for less than <br />what the taxes are by a vote of the Council, then we advertise for <br />bids, and it is sold to the highest bidder, a deed from the taxing <br />entities is issued, again that is a deed without warranty. There is a <br />two year exist redemption period from the sheriff sale, and the owner <br />of the property has the right for two years after the sheriff sale to <br />come in and redeem the property by buying it back by paying the taxes <br />and cost plus a 25% penalty for the first year, or 50% for the second <br />year. Mr. Hunt point out that the sheriff Deed is without warranty, <br />and therefore, a person can not borrow money on the property, nor will <br />the title companies insure the property. <br />There being no further business, the meeting adjourned. <br />GE GE ISHER, R <br />ATTEST: <br />MATTIE CUN HAM, CITY RK <br />
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