A tax sale in Newton County that went to court proves how lucrative tax investing is
COVINGTON, GA
A delinquent property tax sale in Newton County, GA, saw a couple pick up 22 parcels of property for about $49,000. When they took possession of the property, they actually had $739,500 in property
Their buys included $10 for 3.74 acres and a house on a major highway with nearly an acre of land for $9,200. They also bought the taxes on a four other houses and wound up owning them
The court case tried to make the tax assessor use the tax sale as the baseline for determining the property value. They lost the case.
“They may have lost the court battle on assessments, but they got nearly three-quarters of a million dollars in property for the price of a fancy car or an RV. They paid less than seven percent of the fair market value for that property,” said Ted Thomas, an expert in property tax auctions and investing. “I don’t know of any other investment where you can turn $50,000 into $750,000 in a year’s time.”
The court case was not about the legality tax sales. The US Supreme Court has ruled in a number of cases on delinquent property tax auctions. Each time the High Court has said the sales are legal.
Delinquent property tax sales are part of the property tax collection in every state and some US territories. Every state has laws allowing these sales. While the exact timing and method of these sales vary from state to state, a constant in them is the ability to profit, Mr. Thomas said.
“I’m not just saying that. I’m living it. I make my living dealing in distressed real estate like property tax sales and I have made a good living doing it. If you only have $100 to invest, you can do this too,” he said.
For more information about the Newton County, GA, sale and the court case, visit www.newtoncitizen.com. For more information about investing in property tax sales visit www.TedThomas.com.
ABOUT TED THOMAS – Based in Merritt Island, FL, Ted Thomas is an expert in property tax sale, short sale and foreclosed property investing. He speaks at seminars around the world on how to get involved this financial opportunity.
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