Property Tax Liens In Maine
Property Tax Liens In Maine. Maine is a tax deed state and the sales are conducted by the municipality and the county.
Basically, as in other states, once the property taxes go delinquent the owner has a redemption period to prevent the property ownership being passed to the local municipality in Maine.
Once that redemption period passes, then tax deeds are offered for sale.
Should you purchase a tax deed in a Maine sale there is an additional two years for a period of redemption for the property owner.
Should this redemption period expire you are therefore granted the deed.
But, if the property owner does redeem you are paid 8% annually for your tax lien.
As anywhere else, you have to do your homework. It’s just tougher in Maine because you have to many different people to deal with.
There are 488 incorporated municipalities in the State of Maine, one unorganized territory and 16 counties. It appears they all have the statutory authority to sell tax liens.
The property tax sales for the unorganized territory is conducted by the Executive Director of Maine Revenue Services.
They allow one bid per parcel per bidder however you can bid on as many parcels are you like. The bids have to be mailed in. The outside envelope must be marked, “Tax Acquired Real Estate Sealed Bid”. Maine recently changed their property tax laws. Therefore, you will have to call the Property Tax Division of the Maine Revenue Services for a current list and detailed information concerning their sales.
You have 15 days from your winning bid to pay the bid amount plus transfer tax. They do maintain fairly detailed information and tax lists online.
Bidding is by sealed bid.