2013 Treasurer's Office Tax Lien
PLEASE READ ALL OF THIS MESSAGE
Tax Lien Sale
Lien Sale will be conducted on the internet again this year.
For those of you unfamiliar with internet auctions the Treasurer’s
Office will be conducting two seminars prior to the Tax Lien Sale.
Both will be held on October 21st; the first in the lower level
training room of the Centennial Building in Cripple Creek (112 North A
Street) at 2:30pm, the second seminar will be held at the Woodland Park
Council Chambers (220 W. South Ave.) at 6:30pm.
The internet auction service will also have a practice website for
you. We strongly recommend that
you attend one of the seminars and/or visit the practice website at
. The Treasurer’s Office
will have a computer available for public use in the Treasurer’s Office in
How it Works:
parcel will be offered in compliance with Chapter 39, Article 11, of the
Colorado Revised Statutes. The
tax lien sale will be held as an Internet auction administered by SRI
Incorporated. The liens to be
auctioned will be published in the Pike’s Peak Courier View newspaper on
October 2nd, 9th & 16th; they will be
listed on the Treasurer’s website (www.co.teller.co.us) the first week in
October. The listing will be on the SRI website beginning October 29 at
8:00am. The bidding rules will
be posted by October 3rd on the Teller county website and the SRI
will begin on October 31st at 8:00am MST.
The auction will close in batches of 200 parcels on November 4, 2013
starting at 10:00am, 12:00pm, 2:00pm and the remainder closing at 4:00pm
MST. Invoices are sent for each
batch, you may receive multiple invoices.
questions regarding the operation of the auction website should be addressed
to SRI through their customer contact.
Questions regarding the tax liens and the sale should be addressed to
the Teller County Treasurer’s Office 719-689-2985.
Proxy Bidding -
The process of Proxy Bidding includes
the system automatically increasing each competitive bid amount by one
dollar ($1.00) increments, until you or the competitive bidder has reached
the maximum bid placed for that parcel.
for the Internet Auction transaction will be processed through a third party
payment service that includes an e-check option (flat fee of $4.00) or
credit card payment option (2 ½% convenience fee plus a $2.00 charge) on the
AT THE CLOSE OF EACH
BATCH, YOU WILL RECEIVE, BY EMAIL, A SUMMARY STATEMENT INDICATING THE AMOUNT
OF YOUR SUCCESSFUL PURCHACES. AT
THE CONCLUSION OF THE SALE, AND AFTER ALL BATCHES HAVE CLOSED, YOU WILL
RECEIVE, AGAIN BY EMAIL A FINAL
PAYMENT INVOICE WHICH
WILL INCLUDE ALL OF YOUR
SUCCESSFUL PURCHACES FROM EACH BATCH.
THIS IS THE ONLY INVOICE YOU WILL RECEIVE!
PLEASE INITIATE YOUR PAYMENT, FROM THIS FINAL INVOICE, WITHIN 24
HOURS OF THE CLOSING OF THE SALE.
potential bidders must register with the Auction Provider SRI and be
approved by Teller County, including all past Teller County bidders.
Registration will be open from October 14, 2013 through November 1st.
It is very important that the Treasurer’s Office has current
information through your registration on the SRI website!
Registration on the internet will include the completion of an IRS required
form W-9, an affidavit stating that you are legally eligible to participate
as well as a simple registration form to include name, address phone number,
email address, etc. Bidders are
responsible for verifying that the information supplied is correct.
ALL Certificates of Purchase,
redemption checks and Treasurer’s Deeds will be issued in the name under
which you have registered on the website.
County Elected Officials, Appointed Officials and Employees, including
immediate family and agents are prohibited by state statute from
participating in the tax lien auction (C.R.S. 39-11-151).
All bidders will be required
to electronically sign an Affidavit stating they are qualified to legally
participate in the auction.
will begin with the amount of taxes, interest, fees and auction cost due per
C.R.S. 39-11-106. Any bid above
the minimum amount is considered a PREMIUM BID.
You do not receive any interest on the premium bid, nor is it
refunded if the property is redeemed.
YOU ARE NOT BUYING THE LAND!
This is merely a lien against the property, but it is first over all other
liens. The owner of the property
has the legal right to redeem the tax lien up to the day a Treasurer’s Deed
is to be issued. It must be
understood that the sale and purchase of a tax lien does not, as it might
under simple sales and purchase agreements, convey the right of possession,
use, improvement or access to said property.
your responsibility to research the quality and classification (zoning) of
the property on which you intend to bid.
Although the Treasurer’s Office makes a significant effort to be
aware of potential problem liens and therefore withholds them from sale,
ultimately the sale is a “BUYER BEWARE SALE”.
Therefore, it is the recommendation of the Treasurer that you consult
with private legal counsel prior to participation in the tax lien sale.
completion of the sale, you will receive from the Teller County Treasurer an
itemized list of each parcel purchased and a copy of the Tax Lien Sale
Certificate of Purchase. The
Certificate will be issued in statutory form showing the legal description,
purchase amount, rate of interest, buyer’s name and the date of sale.
Certificates will only be issued in the name under which the buyer
registered. The original
Certificate of Purchase will be held in the Treasurer’s vault for
safekeeping. Leaving your
certificates with the Treasurer has the advantage of receiving payment
sooner when redemption is made (the original Certificate must be surrendered
to receive your payment) and allows for endorsing without having to find
your certificate(s), and mailing or bringing them in to the office.
your responsibility to advise the Treasurer’s Office of any address change.
event the lien remains unredeemed, the certificate holder has the right of
paying subsequent years’ delinquent taxes (endorsing) after August 1 of that
year. Three years from the date
of the original sale, if the lien remains unredeemed, the certificate holder
may apply for a Treasurer’s Deed to the property.
Certificates sold in 2013 are eligible for application of a
Treasurer’s Deed in 2016. The
deed process takes six to eight months to complete.
Extension of that time frame may occur if there are complex issues
related to the property. When
application is made, a deposit is required to pay all related deed expenses
pursuant to law. The deed
deposit is currently $350.00.
Prior to deed application, all subsequent taxes, special assessment liens
and current taxes must be paid and endorsed onto the certificate.
and redemption checks will be written in the name under which you are
REDEMPTION OF LIEN:
tax lien is redeemed, you will receive interest at a rate of nine percentage
(9%) points above the national bank discount rate as of September 1st
of the year of the sale.
Subsequent taxes paid and endorsed to a certificate earn the same interest
as that of the original tax lien sale purchase.
Interest is paid on the total taxes, interest and fees when redeemed
by the property owner. Interest
is not paid on premium bids or deed deposits.
Approximately 95% of the tax liens in Teller County are redeemed;
most of them within the first year.
The interest rate for the 2013 Tax Lien Sale will be 10%
WRONGFULLY SOLD LIEN:
If a lien
is wrongfully sold and the County must pay the certificate holder the
accrued interest, the rate will be 8% per annum.
ENDORSEMENT OF TAX LIENS:
If the taxes for the following year become
delinquent, you will be given the opportunity to pay (endorse) the taxes and
add them onto your certificate. This
enables you to pay the delinquent taxes and add them to your existing tax
lien certificate of purchase. You
will receive the same interest rate on the subsequent taxes as you did on
the original tax sale purchase.
Endorsements are processed in August.
If your certificates are eligible for endorsement you will be notified with
your endorsement packet in July.