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Our bank does them in seconds...I just call and say one needs to be opened up and the amount.  When I get to the bank the paper is there, ready for me to sign.  Since we only do tax sales once a year, these accounts are all opened on the same day.  And, there is no activity in them unless I call to say they have to be closed out - I have it transferred to our general fund and cut the check from there.

From: Vermont Municipal Government Discussion Network [mailto:[log in to unmask]] On Behalf Of Carol Dawes
Sent: Thursday, November 15, 2012 9:43 AM
To: [log in to unmask]
Subject: Re: Tax Sales

Hey Doreen,

Thanks for the info.  Lots of work to open/close accounts!  We just have an escrow line item in our chart of accounts.  I'll review all the info I've gotten with our city attorney and come up with a plan.

Thanks again,

Carol


From: Vermont Municipal Government Discussion Network [mailto:[log in to unmask]] On Behalf Of Doreen Woodward
Sent: Thursday, November 15, 2012 9:24 AM
To: [log in to unmask]
Subject: Re: Tax Sales

Hi Carol -

The rule I was taught is "the interest follows the principal".  Here's how we do it - any excess from the tax sale goes into an interest-bearing account at the bank.  When the owner calls in for a payoff to redeem within the year, we find out what the balance is at the bank and deduct that amount from what is due the person who was high bidder at the tax sale, give that net amount information to the property owner.  When he/she comes in to pay, we close the interest-bearing account, combine that balance with the money the property owner paid to redeem, and send one check off to the high bidder.  If the property owner does not redeem, a Tax Collector's Deed is given to the high bidder and the interest-bearing account is closed out and paid to the former property owner.

Doreen


Doreen Woodward
Town Clerk/Treasurer
Town of Westminster
P O Box 147   3651 US Route 5
Westminster, VT 05158
Tel: 802/722-4091   Fax: 802/722-9816
[log in to unmask]<mailto:[log in to unmask]>



From: Vermont Municipal Government Discussion Network [mailto:[log in to unmask]] On Behalf Of Carol Dawes
Sent: Wednesday, November 14, 2012 4:42 PM
To: [log in to unmask]<mailto:[log in to unmask]>
Subject: Re: Tax Sales

Kathy Sheele just sent me an email saying you are correct - that there is old case law that supports interest.  But that just creates more questions.  Interest from when to when?  At what percentage?  Who is responsible to pay the interest?  Doesn't seem right to have it paid by the City.  I asked Kathy those questions and will share her answers.  She's not currently able to post to muninet because she has a new email account.

Carol


From: Vermont Municipal Government Discussion Network [mailto:[log in to unmask]] On Behalf Of Bobbi Brimblecombe
Sent: Wednesday, November 14, 2012 3:47 PM
To: [log in to unmask]<mailto:[log in to unmask]>
Subject: Re: Tax Sales

Oh, when we had a recent tax sale, our attorney told me to escrow the extra money in an interest-bearing account. But I'm not sure we have always done that.

At 03:29 PM 11/14/2012, you wrote:
Hey Bobbi,

I didn't think the owner is entitled to interest.  At least we've never paid them any!

Carol

Carolyn S. Dawes
Barre City Clerk/Treasurer
6 North Main St.
PO Box 418
Barre, VT   05641
(802) 476-0242 phone
(802) 476-0264 fax
www.barrecity.org<http://www.barrecity.org/>



From: Vermont Municipal Government Discussion Network [ mailto:[log in to unmask]] On Behalf Of Bobbi Brimblecombe
Sent: Wednesday, November 14, 2012 2:12 PM
To: [log in to unmask]<mailto:[log in to unmask]>
Subject: Re: Tax Sales

It goes back to the property owner, with interest. The Town can not profit from a tax sale.

Bobbi

At 11:49 AM 11/14/2012, you wrote:

When someone over pays for a property on a tax sale, and the property is not redeemed by the original owner, what happens to the extra money after the 1 year period?

Stacy Jewell
Town Clerk / Treasurer
Town of St. Johnsbury
51 Depot Square, Suite 101
St. Johnsbury, VT  05819
802-748-4331



NOTICE: Under Vermont's public records law, documents - including e-mail - in the possession of public officials about town business are classified as public records. This means if anyone asks to see it, we are required to provide it. There are very few exceptions. We welcome citizen comments and want to hear from our residents, but please keep in mind that what you write in an e-mail is not private and could show up in the local newspaper.

Bobbi Brimblecombe
Marshfield Town Clerk
122 School Street, Room 1
Marshfield, VT 05658
(802) 426-3305
[log in to unmask]<mailto:[log in to unmask]>

NOTICE: Under Vermont's public records law, documents - including e-mail - in the possession of public officials about town business are classified as public records. This means if anyone asks to see it, we are required to provide it. There are very few exceptions. We welcome citizen comments and want to hear from our residents, but please keep in mind that what you write in an e-mail is not private and could show up in the local newspaper.

Bobbi Brimblecombe
Marshfield Town Clerk
122 School Street, Room 1
Marshfield, VT 05658
(802) 426-3305
[log in to unmask]<mailto:[log in to unmask]>