Tax Lien Sale Information
If property taxes on real estate are not paid they will be sold at a tax lien sale, which is a public auction held each year, usually in November. This is the final step in the efforts to collect real estate taxes. At the auction, tax liens are offered for the amount of taxes due plus interest and fees. Since the tax lien sale is an open auction, participants may offer bids over and above the amount due. Any overbid cannot be recovered by the purchaser. Anyone, excepting city and county employees and their immediate families, can purchase tax liens. The City and County of Broomfield makes no assertions or guarantees concerning the properties for which the tax liens are being offered. As with any investment, there is a certain degree of risk involved in purchasing tax liens and potential buyers may wish to consult with a financial advisor before investing.
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2022 Tax Lien Sale Information
DATE AND TIME
The 2022 sale will be held November 17 2022, at 9 a.m.
LOCATION OF SALE
City Council Chambers, located on the first floor at One DesCombes Drive.
ADVERTISEMENT OF SALE
The list of taxes will be advertised three consecutive weeks prior to the sale in the Broomfield Enterprise. Those dates will be October 30, November 6, and November 13, 2022.
On the day of the sale, bidders are required to register with the Treasurer's Office indicating the name in which certificates of purchase are to be issued. A W-9 form showing the social security number of the individual investor or the Employer Identification number for the corporations or companies purchasing tax liens is also required. Please arrive early in order to register prior to the beginning of the sale.
THE BIDDING PROCESS
You or your agent must be present to participate in the bidding process. Broomfield holds an open auction. Each buyer is issued a number. When the taxes you wish to purchase are auctioned, raise your number to place a bid. If you wish to bid a premium, which is an amount over and above the tax amount, clearly call out the amount that you are bidding. The investor offering the highest premium purchases the tax. Premium bids must be placed in one dollar increments for any taxes less than $1,000.00. Premium bids on taxes more than $1,000.00 must be placed in five dollar increments. Please note the premiums you pay will not be refunded to you at the time the taxes are redeemed.
WHAT YOU ARE PURCHASING
You are solely purchasing a property tax lien. You are not being granted any property rights. There is a three year redemption period for most properties sold at the tax lien sale and during that time, the property still belongs to the assessed owner. Very few property tax liens actually go to deed.
LIENS NOT SOLD AT THE SALE
Tax liens not sold at the sale are held by the county and are normally available for purchase from the treasurer's office. These generally are properties of low value such as mineral interests, improvements only, and mobile homes.
RATE OF RETURN
The interest rate on taxes purchased at the tax lien sale is nine percentage points above the discount rate paid to the Federal Reserve Bank on September 1st. The rate on your certificate will remain the same for as long as you hold that certificate. The rate of return for certificates sold in 2022 will be eleven percent.
AFTER THE SALE
You will receive a printout showing the account number(s) and amount(s) for each tax lien you have purchased. The certificates will be held in the treasurer's office for safekeeping unless otherwise instructed. If the taxes for ensuing years become delinquent, you will be notified in July and given the opportunity to endorse the taxes to the certificates that you hold. You will receive the same interest rate on subsequent taxes as on the original certificate. When tax liens are redeemed, a check will be forwarded to you for the amount of tax purchased plus interest accruing from the day of sale to the date of redemption. You will not be refunded any premiums. If the certificate is in your possession you will be notified to return it to our office. Upon receipt of the certificate, you will receive a redemption check. The redemption period is three years from the date of the original tax sale. You will receive a 1099 form showing the amount of redemption interest paid to you, and a copy will also be sent to the IRS.
STATE STATUTES REGARDING TAX LIEN SALES
Copies of the Colorado State Statutes are available at your local library or on the internet at Colorado's Legal website.