The District of Columbia collected $6.6 million in back taxes through the sale of liens on 965 properties during its recently concluded tax auction. According to the Washington Business Journal, the annual sale also generated $11.8 million in surplus, as bidders competed for the lien rights to the most wanted properties. The surplus will ultimately be returned to the buyers.
The sale began with 4,400 properties that totaled $38.2 million in unpaid taxes. Taking in to account that only those properties with tax bills of over $1,000 made it to auction, and after 421 were removed and 965 were sold, the District was left with 1,073 properties that garnered no interest and total $18.3 million in back real estate taxes.
To read the full article from the Washington Business Journal, click here.