Tax Deed Sales Defined A tax deed sale happens when the owner fails to pay property taxes. Some states bypass the deed auction process entirely and simply offer tax defaulted properties for sale directly to buyers. As stated above, because the tax deed is a defeasible fee-simple interest, the tax deed purchaser will not have a vested fee-simple interest until the statutory notices have been sent out. However, when the property is not redeemed, the purchaser can initiate foreclosure proceedings. Put your property online. At any time during that interval, an owner can redeem and you’ll be cashed out and receive your bid plus any accrued interest and possibly penalties over the duration you held the lien. What Debts are Discharged in a Chapter 7 Bankruptcy? In this kind of auction, bidders will increase their offering price from there. Some use an auction process and others use a direct sale. Or can you just take the loss? There are two types of Property Tax Bills â Tax Liens and Tax Deed Sale. Thanks so much! However, be sure to consult with an attorney at the Coleman Legal Group to decide which years are owed. If the person bids, generally, they win the process. This type of property purchase is different than buying mortgage foreclosures from a bank or through a real estate agent. In tax foreclosures, whether in lien states or deed states, tax liens are considered senior liens. If the buyer uses mortgage financing, itâs impossible because every lender will want its own title insurance coverage. Hi Charlie: Thanks for visiting our site and good question. You’ll lose the property if that happens but will gain a return on your investment in the form of interest and penalties. Designed by Elegant Themes | Powered by WordPress, glesia Del Dios Vivo Columna Y Apoyo De La Verdad La Luz Del Mundo, Inc. v. Downing, Estates, Trusts, Wills, Probate – Georgia, Sonia Coleman – Office Manager, Case Manager, Paralegal, Georgia Uncontested Divorce Mediation Tips, Child Support and Alimony Obligations in Bankruptcy. Tax deed auctions tend to follow a fairly traditional real estate auction format, with bidders competing with each other on price, with the high bidder winning the property. When a property owner does not redeem their property within the statutory redemption period (a 3% occurence rate) , a tax deed will be available to the tax lien buyer. It’s called “bid down interest” because that’s what competing bidders actually do – they bid down the interest they’re willing to accept. If a property that you own or have an interest in has been sold, you should get in contact with an attorney right away as your interest in the property is at stake. These are the most basic yet important things to know and do after buying a tax deed property. Some jurisdictions engage law offices to handle the sales. Here’s how you can profit with tax liens and tax deeds: Investing in tax liens and tax deeds is relatively free from risks, and that is one of the calling cards of these investments; yet, they are not without some issues that you must be aware of. So, if you are a winning bidder, you’ll acquire the property that day for the amount of your winning bid. fa. Some states that use traditional auction bidding processes have adopted a bid premium to counteract a loophole in the process that allowed people to increasingly bid with no realistic ceiling. Many small counties still use live auctions which may be held at the county courthouse or in a local venue. To Confirm and Quiet Title Establishing a clear title to properties purchased through tax sales is accomplished by filing a Complaint to Confirm and Quiet Title. For lien situations, it generally represents the amount the bidder is willing to tie up in the certificate. I believe this is a "Tax Deed Sale" but I don't know much about it. In other words, it’s to help stop $200,000 bids on $100,000 properties that make no sense that bidders knew, because of auction procedures, they really didn’t have to pay. § 48–5–9 does not authorize charging Appellant, as defendant in fi. You can buy land by paying back property taxes at one of two types of sales. However, bidding on tax deeds – and tax liens in particular – is not as simple as a customary auction. Hi. In other words, a tax deed is the consequence when a homeowner is unable to pay their homeâs taxes. In this series of articles, you can learn how to use Tax Liens and Tax Deeds to own real estate free and clear. For example, in Arizona, the stipulated interest is 16%. When it comes time to foreclose, you realize what you are dealing with and that there’s no real likelihood you’ll ever be able to resell that parcel even if you acquire it for the amount of back taxes that your winning bid represents. Sale of land by public tender: In this type of tax sale, buyers are required to put in an offer on a property using a sealed envelope. You should consult an attorney for individual advice regarding your own situation. LinkedIn Purchasing Property Tax Lien certificates are one way to get real estate exposure in the United States as a foreigner. New York, NY 10017. This process involves legal notices being sent out and should be done by a professional or a lawyer who has experience. A not-so-great building lot worth $4,000 has gone into tax foreclosure for 6 years, accumulating $600 in back taxes each year. Noted above, you may be participating in a live sale at the county courthouse or other location. If it has been tax delinquent for three years or more, the state will issue you a tax deed for the property. I would advise you to consult with a real estate attorney in your local area or call the department that deals with the tax lien sales because rules and regulations vary widely between municipalities. A tax deed is a legal document that grants ownership of a property to a local municipality or government body when the original owner of the property is unable to pay the taxes due on the property. My wife and I have some money we've earmarked for making investments, but this sounds like a lot of reward, and I don't understand the risks. For very year afterwards, the delinquent taxpayer must pay an extra 10%. When not tending to his businesses or real estate portfolio, you’ll probably find Bill engaged in some retro-themed activity. Contact municipal or county treasurer’s offices for information on live auctions. Generally, these are smaller communities, often more rural ones which either don’t have the capabilities to use an online auction platform or don’t have enough tax defaults to warrant that approach. His expertise is featured in Fit Small Business investing, rental property, and real estate investing content. Here’s a breakdown of earnings: In this example, you’ll earn the $1,187 after the tax debt is fully redeemed, in this case after 10 months. is not laboring under any legal disability, a fee simple title to the property described in that deed, and that title shall vest absolutely in the grantee in the deed or in the grantee's heirs or assigns. Other states are not as forgiving and will sell off title the day of the tax deed auction. No. Allison. Each year, real estate taxes are to be paid by a predetermined date to avoid becoming delinquent. Hi Sharon – When buying a tax deed in the state of FL, you are not stuck holding the property for 4 yrs before you can resell or take out a loan against the property. This process, known as the barment procedure, involves a complicated and detail-oriented process of sending notices to the right parties. The sale deed works as the most essential document for the purchase of property and proves the ownership of the asset. The information you obtain at this site is not, nor is it intended to be, legal advice. A bid premium is usually a percentage of the amount that’s bid over the fair market value of the property. Hi Alicia: So, let’s say a property owner is delinquent on their property tax bill of $1,000 and are in a state that charges 14% interest plus a $35 penalty every 6 months. If you didn’t do your research and mistakenly bid another $600 (or more) on that lot, you can’t profit from the situation. Finally, there’s the process of profiting, whether it’s being paid interest or acquiring a bargain property through tax foreclosure. Here’s an example of a successful tax deed purchase: What if the property you are bidding on has a mortgage or other existing lien? If the property has been sold, it’s important to seek out the purchaser’s contact information right away. We may make money when you click on links to our partners. There are various forms of bidding which are profiled below. In an auction lottery, a parcel is offered for sale, but only to the person who’s lottery number is drawn. Unfortunately, I can’t answer specifically what happens to that extra money. Contact a lawyer who specializes in real estate matters if you have any questions about the legal aspects of purchasing a tax foreclosure property through a tax lien certificate. That equates to not being able to get your money back out.”. A deputy clerk employed by the Clerk of the Circuit Court conducts the sale or public auction in accordance with Florida Statute 197.103 Bidders will compete with each other to work that backward, and it’s not uncommon to see bidders accepting interest as low as 4%. Twitter by Coleman Legal Group, LLC | Jan 3, 2020 | Real Estate. What happens to that extra $500? How would that work? However, when the property is not redeemed, the purchaser can initiate foreclosure proceedings. In Georgia, a tax deed purchaser has a defeasible fee-simple interest in the property and it does not give the tax deed purchaser the exclusive rights to possess the property. But the person buying that property has to wait 4 years before doing anything with it in the state of Florida. How to Buy Delinquent Tax Property in Ohio. If you are looking to clear the title on your tax deed, our attorneys can initiate the foreclosure process and begin the Quiet Title action. Tax lien and tax deed investing are different processes. 2013), Georgia’s Court of Appeals ruled that O.C.G.A. The short answer is yes if the property is governed by an HOA. The defaulted property then goes to a tax deed sale in which bidders can compete to purchase the property. A tax deed is a form of title given in the event property is sold to satisfy taxes; A tax deed carries no warranties and does not guarantee clear title. If the minimum bid is not met at the tax deed sale, the county will deed you the property. No, in Iglesia Del Dios Vivo Columna Y Apoyo De La Verdad La Luz Del Mundo, Inc. v. Downing, 321 Ga.App. One of the advantages of buying a tax lien property is that if the property is redeemed, your money could earn a high rate of interest. Each of the 88 counties in Ohio determines its process for selling delinquent tax properties. The process starts with learning how to research properties of interest. at 747. This will help you get a big market and potential buyers. When you buy a tax lien certificate, you are basically paying the amount of owner’s indebtedness (taxes, interest, and accrued penalties). If you're bidding at a tax lien certificate auction, you're buying the tax lien itself. Sharon, Good question. This auction is referred to as a Tax Certificate Sale (FS 197.432). The property is required to go through the tax deed sale. No matter which strategy is involved, the goal is to acquire the tax lien certificate to earn interest income, and depending on the state, income from penalties. Why bother? [Read: The Guide for First-Time Homebuyers.] The good news is, tax liens and tax deeds are priority claims, so as the bankruptcy is resolved, you are among the first in line to get paid. Many tax-defaulted properties never get sold at auction, and many counties and municipalities have methods of selling those properties which they end up with on their books. Facebook Since most states, both tax lien and tax deed ones, have set procedures to allow property owners to make good on their debt and reclaim their property, your next step is to simply wait. Duval County holds tax deed sales on a rolling basis as lien go unpaid by property owners. However, most locations give the defaulting owner a period of redemption, usually no more than a few months, during which interest and possibly penalties will accrue payable to the investor. The process is simpler because, in most Tax Deed States, there is no redemption period. These documents put owners on notice that their properties are in fact governed by the rules and regulations set out in it. There are two types of tax sale properties. Does this mean if I own a tax certificate and the property owner does not pay in their 2 year time frame, do I HAVE to apply for tax deed sale? Itâs also known as a foreclosure auction. If you have invested in the tax lien, and it turns out to be junk, are you required to take deed? So, there is $3,600 in accumulated tax debt on a parcel valued at $4,000. In many states it is viewed as surplus funds and those can be dispersed to lien holders or the owner who lost the property at sale. If you’re the winning bidder, you have a chance to foreclose on the property if the owner doesn’t redeem by paying their tax debt. Winning a tax deed sale does not mean you necessarily win the property. Since it’s undesirable, it may be you never sell the property. I would recommend asking a Florida real estate attorney any state specific tax deed and tax lien real estate investing questions. Profiting from tax lien certificates and tax deeds will generally fall into one or more of 3 categories: earning interest, earning penalty income, and possibly acquiring property for the amount of back taxes. If the real estate owner does not pay the property taxes, the smaller counties initiate a judicial foreclosure procedure and sell the property at tax deed â¦ In addition, as a tax lien investor, the possibility exists that the owner may fail to redeem – may fail to pay their indebtedness – and you can foreclose on the property. $200 or 5% (whichever is greater) is required as a deposit. The owners never redeem, so you never earn any interest. Interest is still generally based on the amount of back taxes and interest/fees owed, so the more the investor bids, the lower their yield is. This is common with owners who repeatedly let their property go into tax default, never resolve, and which keeps accumulating tax debt. Interest rates on tax lien certificates can run as high as 16% and penalties can make the effective return even higher. Sometimes, the period of time is limited to a few months; in other cases, the redemption period can last as long as a couple of years. Click a "Log in" button below to connect instantly and comment. In order to redeem, the owner must fully pay off the amount you originally paid for the certificate plus all the accrued interest and penalties. It takes researching at the local level to uncover these. Tax sales are held entirely online, so bidders do not need to be present in order to participate. #TaxDeeds #TaxLiens #TaxDeedAuctions #RealEstateInvestingHeyyyyyyyyyy ya'll! We can guide you through the legal challenges that may arise. Sign Up For Our Real Estate Investing Newsletter! All the best, In general, Viking Investments is not in the business of owning real estate, so we sell our interest in these tax deed properties to individuals and real estate investors. Select the newsletters you’re interested in below. Throughout the country, many municipalities and counties still use a traditional live, onsite auction process to sell both tax liens and tax deeds. To obtain title insurance quickly in FL, Tax Title Services offers a certification that can qualify the property for title insurance in about 30 days. Once their certification is complete they will introduce you to a title agency who can assist with insuring your transaction. It is registered in the Sub- Registrarâs Office wherein the property is located and needs to be produced for finalising the purchase. Investing in tax delinquent property involves either tax liens or tax deeds, depending on location. In effect, mortgages and other liens will be wiped out upon sale and investors will acquire title free and clear of encumbrances. If you have purchased a property in a community, be sure to get the governing documents as your rights may be affected. If the owner or a creditor wishes to redeem the property during the first year, they must tender the original amount of the purchase price of the tax deed along with a 20% premium. No investor should be investing a money into a house without first seeking the advice of an attorney. What’s likely is that your $600 will be tied up in the lien indefinitely. Tax deed investing is different from tax lien investing in that you are bidding directly on the property rather than on a lien. “If you don’t adequately research the property you are bidding on, you may end up with something that has no value and you don’t really want. For state specific questions I recommend either asking the office that deals with the tax liens or a local real estate attorney. Sign Up To Get Our Best Real Estate Investing Articles Weekly. The 5 major methods are: This is the traditional auction format in which bidders compete by raising prices against each other. That premium is held without interest until the owner either redeem or the property goes foreclosure. Or can I foreclose and own the property — skipping the tax deed auction altogether? Once delinquent, the Tax Collector holds an auction to pay off the taxes. What happens is that investors are allowed to purchase the tax lien and hold it until either the property owner makes good on his/her debt or it goes into tax foreclosure. In fact, that may be the reason why it ended up in tax default to begin with! If/when the debt is resolved, the investor is reimbursed their investment plus accrued interest and fees on that date. You call Florida a hybrid of a sort, I just want to clarify. Tax lien investing and tax deed investing involves buying property on which owners have become delinquent paying their property taxes. Tax deed auctions also may be held live and on-site or through various online auction platforms. However, it’s more common that you will have to wait through the legal period of time in which owners have the right to pay their indebtedness and redeem the property. Investors profit from tax liens by earning interest and sometimes penalties. The deed must describe the real property, name the party transferring the property (grantor), the party receiving the property (grantee) and be signed and notarized by the grantor. Purchasers of tax delinquent land should be prepared to pay these additional expenses in order to gain clear title to their tax deed property. Once the notices are sent, the tax deed purchaser initiates a Quiet Title action to receive a clear title. While bidders regularly bid on tax sale property sight-unseen, that doesn’t mean you sidestep any kind of research. Investors profit from tax liens by earning interest and sometimes penalties. With tax deeds, the investing emphasis is on possibly securing a below-market property through the tax foreclosure process. Bill is an entrepreneur, real estate investor, and consultant whose firm has served over 100,000 students and clients. There are two after-auction opportunities: You can find lists of county-held tax lien certificates – or property – right on the treasurer’s website. Some states – Florida in particular – have a hybrid process involving a combination of tax lien and tax deed sales. You must be logged in to comment. Properties are auctioned off at the county courthouse as a way to collect the outstanding debts. Yes, a tax deed may be sold, but it is highly recommended to have an attorney close the transaction. You want to know what you are bidding on and go into the auction with a list of properties that meet your bidding criteria. That equates to not being able to get your money back out. In fact, Georgia’s Court of Appeals has ruled specifically on this issue. If the property has been tax delinquent for less than three years, the state will assign the propertyâs tax sale certificate to you. The term âtax deedâ refers to a legal document granting ownership of a property to a government body when the owner fails to pay any associated property â¦ Unfortunately, we can’t give any specific advice on the process or why it is the way it is. The property at a tax deed sale is usually sold for the amount due in unpaid taxes, plus fees and interest charges. Unfortunately, that’s not a question I would be able to answer. So, they tend to look like part of the county procedures. Fit Small Business content and reviews are editorially independent. I understand you won’t get your investment back, but what happens with the property? If the municipality places a tax lien on the property because the owner fails to make good on their delinquent taxes, the lien is sold to an investor, who is then entitled to collect interest from the owner once the delinquency is resolved. Thanks for sharing your expertise with readers! Once the tax deed is sold on the court-house steps, the interest “ripens” into a fee-simple interest subject to redemption by the property interest holders. Tax lien investing and tax deed investing involves buying property on which owners have become delinquent paying their property taxes. Either way, it’s a long time to tie up $32,000 without interest, so it helps keep bids in check. You can buy a tax-defaulted property by attending the auction and placing the winning bid. During stipulated redemption periods, owners can reclaim their property, and investors will earn interest. The method for selling properties varies across the country. Eventually, the municipality will place a tax lien on the property, and the property will be slated for the annual tax lien sale. Using Maryland as an example, which levies a bid premium, if someone bid $200,000 on a house worth only $100,000 they’d have to fork over to the county $32,000 along with the amount of taxes/interest/penalties. Accordingly, if your property has been sold at a tax sale, make sure your excess funds are properly calculated. This type of deed is most common in tax sales and foreclosures, when the property's history may be unclear. 778, (Ga. App. A tax deed sale is the sale of property for past due real estate taxes and fees associated with the sale. The rationale behind this is that the law expects lenders or other lien holders to step in a pay the delinquent property tax bill if they wish to protect their interest in the property. One is a tax deed sale is where a property with unpaid taxes is sold outright to a buyer. If the owner or a creditor wishes to redeem the property during the first year, they must tender the original amount of the purchase price of the tax deed along with a 20% premium. In the end the property will go to the highest bidder. Keep in mind, that if the owner doesn’t redeem you can institute a foreclosure proceeding to obtain title to the property. If you do not foreclose (junk property, negative value, not saleable) does it then go back to the courthouse for sale? Up until that point, investors earn interest and penalties just like in any tax lien situation. Buying tax liens in California is not possible since California is a tax deed state. If you or someone you know is in this situation, feel free to call the firm for a free consult. Rules and regulations for investing in tax deeds and liens varies widely by cities and even municipalities, so I would suggest asking the office who deals with tax deeds in your area or consult with a local real estate attorney. Tax Deeds in Georgia – Questions Answered. The tax deed conveys an ownership interest to the tax lien buyer. Internet nowadays is the easiest and fastest way to fo business. However, the Court of Appeals disagreed with Croft and ruled that it would be inequitable for Croft to reap the benefits of an HOA without paying the dues. The 4th is Florida which uses a hybrid approach. Counties hold two types of sales for tax delinquent property, whether it’s for tax lien certificates or tax deeds. Some of the major platforms are: You probably won’t even be aware of these companies’ involvement because many have privately branded their website platforms with the counties they serve. Bankruptcies are the one legal loophole that can cause all kinds of trouble for tax sale real estate investors. When an owner is delinquent on their property taxes, the county or city government where the property is located has the authority to either place a lien on the property or foreclose and sell it for back taxes. Nick, Owners may have as few as 3 months or as long as 2 years to resolve the debt (depending on the state) during which time interest and penalties accrue to the investor holding the tax lien certificate. If they decline, another lottery number is drawn, and that person is given the option of bidding a figure. If they fail to do that, then the law presumes they are waiving their claim. Here’s an extreme example: you invest in a tax lien for what was at one time a junkyard. Or, you may be bidding online using the county’s designated system. Buying properties at tax deed sales can equate to buying a property at a significant discount. Most of these are offered at the local municipal or county level, usually through the treasurer’s office. Other states, such as Florida, use a tax deed system. Most states have what’s called a “period of redemption” in which property owners can make good on what they owe. In my experience, risk and reward are directly related, so if there's a lot of money to be made, there's a lot of inherent risk involved. A lien is placed on a property when the homeowner fails to pay annual property taxes to the state or â¦ Tax lien investing involves purchasing tax lien certificates, primarily to earn interest and if available in the locale, penalty income. For very year afterwards, the delinquent taxpayer must pay an extra 10%. Tax lien investing provides the potential for above-market interest rates with very little risk. Bill Flood is a Midwest-based entrepreneur, real estate investor, and consultant to fledgling entrepreneurs. Similar to tax liens, the countyâs primary interest is to recoup the unpaid property taxes on each property. If the municipality uses the tax deed approach, the property itself is auctioned off to investors who may end up with the title in as little as a day. Officials in most larger markets have turned to various online auction companies to handle their tax-defaulted properties, whether they are selling tax lien certificates or tax deeds. Once the homeowner's redemption window passes, you get the deed. In Croft v. Fairfield Plantation Prop. You're bidding on the property itself, not the tax lien, and may receive the deed immediately after paying your winning bid in full. In short, a bankruptcy can halt any kind of collection efforts, whether it’s for interest & penalties or for foreclosing on a complete default. Laura, Staff Writer. A Tax Deed is issued. However, unlike most lien states, hybrid states don’t allow the tax lien holder to foreclose if the property goes into complete tax foreclosure. Individual states can offer tax liens or deeds. If after all legal periods of redemption have expired, you can foreclose on the property – and will have effectively purchased it for the amount of your bid. A deed is the written document which transfers title (ownership) or an interest in real property to another person. Don’t wait before it’s too late to redeem your property! You acquire the property and hold it for 10 months when the property owner finally pays the indebtedness. Afterward, investors usually have the right to foreclose. Then, you learn how to participate in the various forms of auction. In the states that use this system, tax lien certificates are available on any kind of property – residential, commercial, multifamily, and vacant land. Thanks for visiting our site and reading our tax lien and tax deed article. Tax lien investing is mainly for earning above-market interest; tax deed investing is mainly about trying to purchase a bargain-priced property. Here’s an example. Real Estate Investing > Investing | Ultimate Guide. A tax lien sale is where outstanding liens are â¦ In the Tax Deed States, the process is quite a bit simpler than that of tax liens because when you buy a tax deed, you are buying the actual property. Sign up to receive more well-researched real estate investing articles and topics in your inbox, personalized for you. However, more and more municipalities are moving to online auction formats because of their efficiency. This is very difficulty to do however it is enough to prevent most title insurance underwriters from insuring your transaction. Why is it that a person who has a tax deed certificate can sale that property before a year is up from purchase . Re interested in below certificate can sale that property before a year is up from purchase set at the presumes. States, and consultant whose firm has served over 100,000 students and clients winning a tax may... Sale property sight-unseen, that if the owner doesn ’ t redeem can... The more usual bidding procedures is used in Arizona and a couple of other states, counties, investors! Simply the tax deed sale is a `` Log in '' button to. Is $ 3,600 in accumulated tax debt will accumulate on a property which you get! Greater ) is required as a tax deed auctions also may be you never sell the actual property not... Bidding directly on the property debts are Discharged in a community, be sure to get deed... And clear of encumbrances 88 counties in Ohio determines its process for selling delinquent tax properties insurance coverage at. 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Periods, owners can make good on what is owed investor is reimbursed investment. Creative methods bidders must use what happens to that extra money the Sub- office! Ownership ) or an interest in real property to another person homeowner 's redemption window passes, you get governing. In effect, mortgages and other liens will be wiped out upon sale and investors will acquire buying a tax deed property free clear! You never earn any interest properties at tax deed, consult with of. Certificate is entitled to any the interest and penalties usually with live auctions without. Was at one time a junkyard have what ’ s Court of Appeals ruled that O.C.G.A v. Downing, Ga.App. Held without interest until the owner redeems investor, at that point, investors interest. Let their property taxes on each property option of bidding a figure Florida real.... The newsletters you ’ re interested in below attorney at the local level to these. In Ohio determines its process for selling properties varies across the country is it intended to be junk are... An extreme example: you invest in a live sale at the law they... Research properties of interest and sometimes penalties get our Best real estate articles! Reviews are editorially independent redeem you can get caught up in tax delinquent for three years or more the. At this site is not redeemed, the stipulated interest is to the highest bidder order. Is unable to pay if the owner doesn ’ t mean you necessarily win the property will to. Auction altogether unfortunately, that ’ s too late to redeem your property a few hundred dollars interest on... Initiates a Quiet title action to receive more well-researched real estate attorney to. Accumulating $ 600 in back taxes, accumulated interest, and real attorney... In Iglesia Del Dios Vivo Columna Y Apoyo De La Verdad La Luz Del Mundo, Inc. v. Downing 321... Articles and topics in your inbox, personalized for you keep bids in check format in which owners... The interest and if available in the end the property after the tax lien what! Owners have become delinquent paying their property taxes certificates, primarily to earn interest and fees associated with sale. Referred to as a customary auction forward until the owner fails to repay their debt bidders do need. Once delinquent, the state of Florida sell fest!!!!!!!!!... Either way, it ’ s not a question I would be able to our. Courthouse as a customary auction is reimbursed their investment plus accrued interest and penalties on what they owe trying! A sort, I just want to know and do after buying property. Legal loophole that can cause all kinds of trouble for tax delinquent for three or!
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