County Executive Leopold Changes Tax Sale Process to Place Bidding Online in Real Time
Changes benefit individual investors
Annapolis (April 28, 2009) - County Executive John R. Leopold is changing the tax sale process this year to benefit individual investors by placing the auction online in real time.
"The tax sale process often draws novice investors who are searching for deals, but one or two professionals have been able to dominate the auction year after year," County Executive Leopold said. "By holding the auction online, the little guy will have a better chance of securing a property and the process will take place in a more orderly fashion."
In the past, the County has used a sealed bid auction. This year, the process will be similar to one employed in Prince George’s and Baltimore City, which allows bidders to participate from their computers instead of navigating the process at the Arundel Center.
With the difficult economy, the Office of Finance is expecting an increased number of properties up for bid from the average 1,000 tax sale properties per year.