Redeeming Your Real Estate: What You Need to Know
If you’re a small business owner with real estate holdings, you may need to redeem your property from a tax sale at some point. Here are some key things to keep in mind.
Understanding Tax Sales
Tax sales occur when a property owner fails to pay property taxes. The taxing authority may then hold a public auction or sale to recover the unpaid taxes. In some cases, the property may be sold for less than its fair market value.
Redeeming Your Property
If your property has been sold at a tax sale, you may have a limited amount of time to redeem it. To do so, you’ll need to pay the amount owed, plus any interest and penalties, to the taxing authority. You’ll also need to provide proof of your ownership of the property.
Redeeming vs. Rebuying
It’s important to understand the difference between redeeming your property and rebuying it at a tax sale. When you redeem your property, you pay the amount owed to the taxing authority and regain full ownership. When you rebuy the property at a tax sale, you may only be able to purchase a limited interest in the property.
Seeking Professional Help
Redeeming your property from a tax sale can be a complex and confusing process. It’s recommended that you seek the help of a qualified tax professional or attorney who can guide you through the process and ensure that you’re following all necessary procedures.
Redeeming your property from a tax sale is an important step for small business owners with real estate holdings. By understanding the process and seeking professional help when needed, you can ensure that you regain full ownership of your property.