The City of Mount Vernon is selling tax liens for the first time ever. Tax liens can feel overwhelming, but understanding the process can help you take control. If you’re facing tax arrears in Mount Vernon, here’s a simple guide to getting the help you need:
1. What Is a Tax Lien?
A tax lien occurs when property taxes remain unpaid for an extended period. The city can then take legal action to collect the owed taxes, which may eventually lead to a tax lien sale. The City of Mount Vernon conducts this sale each year, typically in June, where liens on properties are auctioned to the public.
2. How Does the Tax Lien Sale Work?
Notice of Sale: The City Comptroller advertises the tax liens for sale in the local paper and publishes a pamphlet. The sale is conducted by the Comptroller's office, and the interest rate on the lien may not exceed 10% per year.
Payment Options: Once the lien is sold, the purchaser can collect interest on the amount owed, and payments are due within three years.
3. What Are Your Options for Resolving a Tax Lien?
Mount Vernon offers an Installment Plan for property owners who owe back taxes. Here’s how it works:
Eligibility: You must be current on all taxes for the past three years, and you must not have defaulted on previous installment plans.
Payment Plans: You can choose from monthly or quarterly payments, depending on the amount of taxes owed. Plans can last up to five years for residential properties or three years for commercial properties.
Senior Citizens: Low-income seniors may qualify for a longer installment plan of up to 10 years.
4. How to Apply for an Installment Plan
To apply, fill out the installment plan request form, submit the necessary documents, and schedule an appointment with the Tax Collector. The required down payment is 10%, and future payments must be made on time.
5. Need Help?
If you're struggling with a tax lien or need assistance navigating the installment plan, contact me today. I can help guide you through the process and ensure you make the right choices for your property… AskHollingsworth.