The Tax Certificate Sale Auction ended last Thursday, March 12 and boy did it garner a lot of interest. In all, over 1,700 properties received bids with many at just 1%. What does that mean for the winning bidder? Given that the auction operates on a "low percentage wins" policy, that means the winner has just a percent of ownership over the home or lot. If the owner doesn't come forward or pay taxes and fees within 3 years, (or just 18 months if it's a blighted/abandoned property) the winner may then take them to court in order to take control of the property. If the owner comes forward, the bidder receives their money back, plus interest. Nothing ventured, nothing gained, right? After the jump, we present the ten auction items that received the most bids of them all, which hopefully provides some type of insight into the city's current auction craze.
· All Auction Coverage [Curbed NOLA]