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St. Mary and municipalities to host online tax sale June 8

Posted at 4:03 PM, Jun 03, 2021
and last updated 2021-06-03 17:03:25-04

The cities of Franklin, Morgan City, Patterson, and the St. Mary Parish Sheriff’s Office will host their annual tax sales on from 8 a.m. to 8 p.m. Tuesday, June 8, subject to a sliding close.

Buyers pay past-due tax amounts in exchange for up to a 41% fixed interest return, thereby providing property-secured loans that must be repaid within 36 months.

The tax due is the purchase price, and buyers bid down ownership interest in the collateral property where the least ownership bid wins. The buyer receives a one-time payment with interest calculated through the repayment date. This includes 1% per month earned on post-sale tax payments made on the collateral property. If not repaid within 36 months, the buyer receives ownership interest in the collateral property equal to their bid amount.

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