Wednesday, July 31st, 2013 by adminSo how was your weekend?
Mine was well…. a little boring!
I spent the entire weekend reviewing the 400 page Texas property tax code so that I could provide all of the important sections to our students. So, not the most exciting weekend but an important one nevertheless.
Here are just a few important sections of the Texas property tax code:
Section 34.21. Right of Redemption (a) The owner of real property sold at a tax sale to a purchaser other than a taxing unit that was used as the residence homestead of the owner or that was land designed for agricultural use when the suit or the application for the warrant was filed, or the owner of a mineral interest sold at a tax sale to a purchaser other than a taxing unit, may redeem the property on or before the second anniversary of the date on which the purchaser’s deed is filed for record by paying the purchaser the amount the purchaser bid for the property, the amount of the deed recording fee, and the amount paid by the purchaser as taxes, penalties, interest and costs on the property, plus a redemption premium of 25 percent of the aggregate total if the property is redeemed during the first year of the redemption period or 50 percent of the aggregate total if the property is redeemed during the second year of the redemption period.
(e) The owner of real property sold at a tax sale other than property that was used as the residence homestead of the owner or that was land designated for agricultural use when the suit or the application for the warrant was filed, or that is a mineral interest, may redeem the property in the same manner and by paying the same amount as prescribed by subsection (a), (b), (c), or (d), as applicable, except that:
(1) the owner’s right of redemption may be exercised not later than the 180th day following the date on which the purchaser’s or taxing unit’s deed is filed for record; and
(2) the redemption premium payable by the owner to a purchaser other than a taxing unit may not exceed 25 percent
Alot of people ask us for proof of the state mandated 25% interest penalty, well folks its all in the Texas property tax code.
Also, I was able to finish up our complete step by step guide to buying Texas Tax Deeds: Texas Tax Deed Mastery. This guide will be sent out to all of our current students and will be made available to non-students for $497. The goal of the guide is to show anyone no matter what their real estate background how they can select, filter and purchase Tax Deeds in today’s economy.
Have a great week!
S.