I’m sure everyone would like to own, a piece of Real Estate!
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If you sell a property that is not your main home (including a second home) that you’ve held for at least a year, you must pay taxes on any profit at the capital gains rate of up to 15 percent. It’s not technically a capital gain but it will be treated as such.
A property tax or millage rate is an ad valorem tax on the value of a property, usually levied on real estate. The tax is levied by the governing authority of the jurisdiction in which the property is located. This can be a national government, a federated state, a county or geographical region or a municipality.
If you don‘t pay your property taxes, there could be a Lien placed on your home! As simple as that. Here is what WIKIPEDIA SAYS “A tax lien is a lien imposed by law upon a property to secure the payment of taxes. A tax lien may be imposed for delinquent taxes owed on real property or personal property,
Some states have what you would call.” Tax Sales” In which scenario your property would be auctioned off to the highest BIDDER”.
There are companies like AABS who are assisting those owners who may have lost their property due to a Sale from a Tax Lien . Did you know that a lot of these families or the people who have lost these homes are elderly? It really sucks to know that they have fallen victim to one of the systems!
From AABS and other companies research, most of the time the reason they are losing their homes are due to them becoming ill, or maybe even forgetting to pay their taxes! But depending on where they live and the laws that govern their state, they have a certain amount of time to locate the money, and find out where it is being held, provide the proper paperwork. and proof of who they are as well.
They also must provide proof of their rights to these properties that in the end, they might forfeit or lose out due to the agency responsible for them seizing them through a process called “escheatment”
Now if that isn’t a crazy name, I don’t know what is!
AABS, audits many governmental agencies across the country to locate monies that are being held, and they come across individual names and companies even businesses that have assets that the government is holding. If these assets go unclaimed for too long, then they are usually lost to the government agency who is holding them.
They have a simple process that they use, and even will pay individuals who may know of someone they have been trying to locate and contact to assist them with retrieving their assets. There are cases when they even have loved ones who have passed away, who had assets that they owned, and the government is still reporting through their records that they are being held or forfeited!
They try to assist the family with re-claiming these assets through their website they will give you the information you need to contact them.
I really hope they can assist even more people these next few months, because this has been a trying time for a lot of people who deserve the best, and I had to share it with everyone!
And For all of the Real Estate Professional who are looking for those gems. I found this software that I wanted to keep to myself but realized that it would be utilized better by sharing so here it is.