What are OTC Tax Sale Inventory and Local Land Banks? — Tax Sales Support
The term "OTC Tax Sale Inventory" refers to properties that have been foreclosed upon due to unpaid property taxes and are subsequently available for sale to the public through Over-the-Counter (OTC) auctions or sales. When property owners fail to pay their property taxes for a certain period, typically several years, local governments have the authority to foreclose on the property and sell it to recoup the unpaid taxes.
The OTC process allows these properties to be sold directly to
interested buyers, often at discounted prices or through competitive bidding.
These sales are usually conducted by county tax authorities or other
governmental agencies responsible for managing tax foreclosures.
Local Land
Banks, on the other hand, are entities established by local governments
or community organizations to acquire, manage, and repurpose vacant, abandoned,
or tax-delinquent properties for the benefit of the community. Land banks aim
to revitalize neighborhoods, promote economic development, and address blight
by acquiring problem properties and returning them to productive use.
Land banks may acquire properties through various means, including
tax
foreclosures, donations, or purchases from private owners. Once
acquired, land banks may hold, maintain, or improve the properties before
selling or transferring them to new owners, such as developers, homeowners, or
nonprofit organizations.
In summary, OTC Tax Sale Inventory refers to properties available for sale due to tax foreclosure, while Local Land Banks are organizations that acquire and repurpose vacant or blighted properties to benefit the community. For expert guidance and assistance for tax sales and property acquisitions, contact us to Tax Sales Support, renowned as the professional tax sale consultant in the industry.
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