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What is the Prince George’s tax lien Assignment Sale?

As many real estate investors are aware, each county in Maryland holds an annual tax sale where tax liens are sold to the highest bidder.  However, each year, there are many properties that go unpurchased at the tax sale. In most instances, these properties are “struck off” or “sold” to the County.

What is an Assignment Sale?

Some counties, such as Prince George’s, then hold a second tax sale (often called an “Assignment Sale”). In these counties, beginning after a certain date, the County sells and assigns each of its tax sale certificates to private purchasers, on a first-come, first-served basis.

Not all Maryland counties hold an Assignment Sale and potential purchasers should be mindful that the properties available in an Assignment Sale are, by definition, less desirable for tax lien investors than those properties sold at the County’s annual tax sale.  However, for investors trying to acquire rehab properties, these Assignment Sales can offer great value and opportunity.

How does an Assignment Sale work?

Participants are required to register by 4:00 p.m. on May 29, 2018, in order to participate in the Prince George’s Assignment Sale.  The sale will begin on June 5 at 9.a.m. and closes at 10:00 a.m. During this time, properties are sold to private investors on a first-come, first-served basis.  There is no “auction.” The properties are sold for the taxes due, which means that investors pay no high bid premium. Following the Assignment Sale, each successful bidder receives an invoice for their winning bids, which must be paid by 5:00 p.m. on the date of the Assignment Sale.

The full set of rules for the 2018 Prince George’s County Assignment Sale can be found here.

Contact our Maryland Tax Lien Attorney

If you would like to schedule a consultation to discuss Maryland Tax Lien Sales then contact our office today to schedule a consultation.  Our Tax Lien Attorneys can help you understand the Prince George’s County Assignment Sale.

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