A Louisiana Tax Sale Auction is a “bid-down” style auction.
What is a “bid-down” Style Auction
Under the bid down interest method, the percentage of ownership of the property is bid down if there are empty bidders starting at 100% and bid down to 100%.
Here are a few other important notes regarding a Louisiana bid-down tax sale auction.
- The purchase price is the amount of taxes, interest, penalties and costs. The purchase price does not change throughout the auction.
- The rate of interest on the purchase price that the winning bidder may receive upon redemption does not change throughout the auction.
- There are no ties. Bidders may not bid fractions of a percentage point. The lowest percentage of ownership interest bid will be the winning bid. A 1% bid is usually the lowest bid
- If there are multiple winning bids, the first to reach the winning bid will be the winner at the conclusion of a tax title sale auction.
If there are no bids on the Louisiana property being auctioned at the tax sale, the tax collector shall bid in tax sale title to the property for the political subdivision. This event is called an adjudication to the political subdivision.
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