Atlanta Journal-Constitution
December 3, 2002
– On Nov. 12, Fulton County Superior Court Judge Jerry Baxter ruled against Fulton County on the sale of tax liens. Consequently, as Fulton County tax commissioner, I am under a court order to sell tax liens to anyone making such a demand or face contempt charges.
When property owners fail to pay their taxes, a lien is placed against the real estate. Investors purchase the liens from the county and then collect the property taxes and interest in the same manner as the county. If the property owner fails to pay taxes to the investor, the investor can foreclose on the property.
During the 2002 session, Georgia legislators alarmed by the usurious profits reaped by investors resulting from tax foreclosures took steps to make it less costly for taxpayers to redeem property after foreclosure.
Of particular interest to legislators was the plight of the elderly on limited incomes. To address these issues, the legslature reduced the financial incentives attracting investors to purchase tax liens.
You can read the full article written by Dr. Arthur Ferdinand by Clicking Here (pdf).
