(JACKSON, Miss.) Hundreds of homes are going up for auction in Jackson and Hinds County’s delinquent tax sale.
Those who have not paid taxes on their properties will have up to three years to do so, if not, they face losing ownership of the property.
Because the property is usually sold to bidders at a cheaper price than what it is actually worth, city and county leaders are encouraging Mississippians to join in.
By purchasing property, it will enable business owners and those interested, to be able to invest in Mississippi homes and gain interest per month the longer taxes have not been paid for the property.
“The tax sale is always good for both, it’s good for the citizens of Jackson, and it’s good for the citizens of Hinds County. With the tax sale, it’s a win-win situation for everybody,” said Hinds County Tax Collector, Eddie Fair.
“If you win the bid, then you’re going to get that property within the third year. If you only want the interest, which a lot of people do, then what you do is, you’re going to bid on a property and you’re going to get one and a half percent per month, at the end of 12 months, that’s 18 percent and if you go two years, that’s 36 percent.”
Although the sale is not primarily focused on increasing the budget in Jackson and Hinds County, all revenue will go to the city and county.
According to Fair, the city of Jackson and Hinds County should generate a large sum of money due to about 15,000 parcels being available.
“On the day of the auction, you want to dress very comfortably, come in with cell phones off, on mute or vibrate, you want to arrive early to hear all the instructions for the auction,“ said real estate agent, Phyllis Parker of Century 21 Maselle and Associates.
Bidders are also advised not to excess bid because whatever bidding price they go over, they will not receive a refund.
Bidding for the tax sale starts this Monday at 8 a.m. and ends at 5 p.m. on Sept. 15.