Summit County Colorado
Bidding Rules for Annual Public Auction of Delinquent Real Estate Taxes
2023 Tax Lien Sale (For Tax Year 2022 and priors)
SUMMARY OF IMPORTANT INFORMATION
SALE
• The web site will open for research and deposits beginning 11/03/2023. Formal Bidding and modification of bids begins 11/03/2023 and can be done up till the closing hour of each batch on the last day of the tax lien sale (11/14/2023). More detailed instructions can be found on the FAQ (Frequently Asked Questions) page of this web site and the SUMMARY OF IMPORTANT INFORMATION below.
• A deposit of 10% of your total intended winnings or a minimum of $1.00 will be required via ACH transfer, wire transfer or counter payment. Deposits must be completed by 11/14/2023 at 12:00 PM MT.
• Each Buyer will be required to register online to participate. Buyers are responsible to assure that their information is correct as IRS W-9 forms, tax lien certificates, refunds and redemptions are prepared from this information.
• The sequence of the published list in the local newspaper will be followed as closely as possible, except that liens on prior years are listed last on the sale site, and are grouped with current year taxes, if applicable.
BIDDING
• Employees and officials of Summit County, members of their immediate families or their agents may not acquire a tax lien at the Summit County Tax Lien Sale per SS39-11-151 C.R.S.
• Premiums are never returned and draw no interest.
• The minimum starting bid for each tax lien certificate is equal to the amount of the unpaid taxes, interest, penalties and fees.
• Bids shall be in entered in Five dollar ($5.00) increments.
• Premiums on winning bids are a cost of securing the tax lien and are not returned nor do they draw interest.
TERMS
• It is the Buyers’ responsibility to know the quality of the property on which they are paying the taxes and receiving a lien.
• At the close of the auction, all successful bids are final. No changes in, or cancellation of, liens purchased can be made after the lien is sold.
INTEREST
• Premiums do not draw interest.
• When redeemed, your certificate will pay nine points over the Federal Reserve Discount Rate as of September 1st. Certificates will earn 15% for the current year’s sale, except for erroneous sales which will receive two points above the Discount Rate but no lower than 8%.
TAX LIEN
• You do not have ownership rights to the property, simply a property tax lien.
SUBSEQUENT TAXES
• If the owner does not pay future taxes before July 31st each year, you will be notified of the amount due and you may pay them if you wish. Your payment will be endorsed onto your lien and will accrue interest at the same rate as your certificate.
TREASURER’S DEED
• The majority of properties are redeemed.
• A Treasurer’s Deed may be applied for three years after the date of the sale if the tax lien remains unredeemed. A deposit is required to cover expenses.
• Tax liens expire and are cancelled after 15 years.
SUMMARY OF IMPORTANT DATES AND INFORMATION
| Bidder Accounts | |||
| Allow foreign bidder registrations | No | ||
| Single simultaneous bidder rule | Yes | ||
| Auction Information | |||
| Bidding style | Proxy Bid Auction | ||
| 0 value bids use proxy system | No | ||
| SubAccounts | |||
| Allow sub-accounts | No | ||
| Automatic certificate rollup / rollup fee | --- | --- | |
| Auction Dates and Times | |||
| Registration begins (site opens)** | 11/03/2023 at 8:00 AM MT | ||
| Deposits, Registration fees and Budgets begin | 11/03/2023 at 8:00 AM MT | ||
| Bidding begins | 11/03/2023 at 8:00 AM MT | ||
| Deposits, Registration fees and Budgets end | 11/14/2023 at 12:00 PM MT | ||
| Participation Requirements |
Submit a deposit
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| Participation Requirements Due Date | 11/14/2023 at 12:00 PM MT | ||
| Registrations end | 11/14/2023 at 12:00 PM MT | ||
| First batch closes | 11/14/2023 at 9:00 AM MT | ||
| Batch closing interval | 60 Minutes | ||
| Last batch closes | 11/14/2023 at 10:00 AM MT | ||
| Auxiliary batch opens | 11/14/2023 at 11:00 AM MT | ||
| Auxiliary batch closes | 11/14/2023 at 12:00 PM MT | ||
| Payment due date | 11/14/2023 at 2:00 PM MT | ||
| Budget, Deposit and Payment Information | |||
| Deposit or Budget required (% of estimated winnings) | 10% | ||
| Minimum deposit amount | $1.00 | ||
| Registration Fee | $0.00 | ||
| Registration Fee Refundable | Yes | ||
| Registration Fee Applied to Winnings | Yes | ||
| Deposit / Payment types acceptable: | Deposits | Payments | |
| Budget | No | --- | |
| ACH | Yes | No | |
| ACH auto-debit final payment | --- | Yes | |
| Wire transfers | No | No | |
| Counter payments | No | No | |
| Redemptions available via ACH? | Yes | ||
| Public Access | |||
| Public computers available | N/A | ||
| ** Subject to change. The site will open when approved by the County. | |||