November 21, 1991 |
Michael Fabrikant flipped open his briefcase, broke the seal on a handful of business envelopes and peeled out lots of $100 bills - 131 of them, plus two twenties. For all that green - $13,126.78 - the Edison businessman bought tax liens to 11 properties in Franklin Township. He got back $13.22 in change. It was the largest purchase by the dozen bidders who participated last Thursday in the township's tax sale, which 25 people attended. In all, 400 properties, whose owners failed to pay in aggregate more than $200,000 in 1990 taxes, were offered for sale.
December 23, 2005 |
Two dozen Philadelphia homeowners and foreclosure-relief advocates gathered outside yesterday's biweekly sheriff's sale in West Philadelphia to urge a New York company to relax its demands for cash from owners of thousands of city homes on which taxes are long overdue. Taxes from before 1997, run up in many cases by previous owners, are due not to the city but to MBIA Insurance Corp., of Armonk, N.Y. MBIA, a private firm, had guaranteed a $75 million bond issue by the Philadelphia Authority for Industrial Development in 1997.
January 25, 1987 |
When Darcus Neely put $10,000 of her life savings into an Individual Retirement Account, she never dreamed the Internal Revenue Service would one day slap a lien on the account and ask the bank to surrender the money. Provident National Bank, where Neely has her IRA, never thought that would happen either. But now both are involved with the IRS in a tug of war over the money. The dispute could have implications far beyond Neely and her account at Provident. Last week, a federal court judge in Philadelphia was asked to decide who is entitled to the money and to rule on whether IRAs, which are personal investment plans set up by individuals for their retirement, are exempt from tax liens filed by the IRS. Attorneys involved say Neely's battle with the IRS could become a test case for thousands of similar disputes across the nation.
September 19, 1991 |
Bucks County tax officials are blaming the economic downturn for a huge increase in property tax liens this year. "This is the most hectic year I've ever had," said Patricia Bachtle, director of the county Tax Claim Bureau. She has worked in that office since 1982. Bachtle advertised 1,700 parcels for tax sale this year, an increase of almost 50 percent over last year. The threatened action convinced hundreds of property owners to pay up to avoid the bang of the auctioneer's gavel, but there were still more than 1,000 delinquencies two weeks ago. On Friday, with the auction looming Monday, even more found the means to pay up. "On Friday, 560 property owners came in and paid.
October 26, 2013 |
PHILADELPHIA City Council gave its stamp of approval Thursday to the idea of selling liens held against tax-delinquent properties to private investors and collection agencies. In truth, the bill passed Thursday could wind up having no practical effect - the city already has the authority to sell its liens, and its Law Department opined last week that Council had no say in the matter. Councilman Bill Green said he sponsored the bill in part to spur the Nutter administration to consider using this tax collection "tool" - which has its share of critics.
October 18, 1996 |
Federal documents filed in Gloucester County showed that $104,011.11 in tax liens were filed against Gloucester County Democratic Freeholder Director James Atkinson by the Internal Revenue Service in 1994. Atkinson, who had been accused by Republicans of withholding information about those liens, yesterday was also accused of not paying unemployment insurance taxes, and not including income from his landscaping business on his 1994 county financial disclosure forms. Atkinson said in an interview Monday that he was only made aware of approximately $90,000 in tax liens against his assets in May, and has been working with the Internal Revenue Service since that time to rectify the problem.
May 25, 1994 |
The City Council is expected tomorrow to authorize a firm to take preliminary steps toward a sale of about $17 million in city liens to be purchased by a private corporation. The sale, if it goes through as hoped, would be modeled after the successful tax-lien sale conducted last year by Jersey City, which sold more than $40 million in liens on residential and commercial properties to a private corporation. The Camden sale would include sewer-tax as well as property-tax liens, officials said.
June 26, 2015 |
The city's auctioning of liens on tax-delinquent properties began Wednesday morning with what officials said was a quiet but promising start. More than 150 investors registered to participate in the online auction of 900-plus tax liens, all of which have a minimum bid requirement of the full delinquent property-tax bill plus interest. The liens are for property-tax bills that have gone unpaid for from two to 20 years. If successful, the sale of those liens could generate millions of dollars in city revenue.
December 13, 2014 |
ATLANTIC CITY - A city tax lien sale brought faltering Atlantic City some pre-Christmas cheer Thursday - a $22 million tax bill from bankrupt Trump Plaza and Taj Mahal will be paid - but also some coal: Nobody bid on a $32.5 million unpaid tax bill from Revel. "I'm concerned," said the city's revenue director, Michael Stinson, after the four-hour sale, with a total of nearly $59 million in owed taxes on 1,000 properties, yielded at most half of that. Stinson said the tax sale plus an imminent $40 million note sale should be enough to get the city over the immediate 2014 budgetary crisis.
August 7, 2015 |
The city might have to use some of the $2 million it earned in a tax lien sale this summer to buy back some of the very liens it sold. Since the dust settled from the June 29 tax lien sale, city government has been getting backlash from some of the 218 Philadelphia property owners whose liens were sold - specifically, that they should not have been. For instance, the Philadelphia Fraternal Order of Police lodge says it was waiting to hear back on tax abatement and exemption applications when it received notice that the lien on its headquarters at 11630 Caroline Rd. had been sold.