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Tax Deeds that are sold in Georgia are purchased with a one year redemption period. A penalty rate of 20% is applied to the redemption of all Tax Deeds. The property owner has a twelve month period to pay all delinquent taxes, interest, penalties and fees if they choose to redeem the property. If the owner fails to redeem, the investor may begin the mandatory process of terminating redemption rights. Following the redemption period the investor is required to send out certified letters to the last recorded address of the owner and any other parties with interest in the real estate. Upon completion of this termination, the investor is required to run a foreclosure notification in the local newspaper for 4 consecutive weeks prior to the redemption deadline to make sure all parties are notified. After all these steps are completed, the new owner obtains fulls rights to the property.
If the property is redeemed, the bidder received a 20% penalty rate that is applied for the first year. An additional 20% penalty is applied to the property that is redeemed within 4 weeks following the one year redemption period. There also is a 20% penalty attached if the redemption is made after a public notice has been given. Investors can receive a possible return rate of 60% with the right circumstances upon redemption.
Georgia uses the Premium Bid method. The county's starting bid will include all back taxes, penalties, interest, and administrative costs.
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It is recommended that you further research Tax Deed information for each given state as laws and regulations are constantly changing. We cannot guarantee that the information given here is the most current information.