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Redemption
18 mo
Max interest
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You buy a tax lien, not the house. The owner has 18 months from recording to pay you back. A flat interest rate applies, but it is not documented. The bidding method is not documented. Sales are held on a schedule that varies by county.
Sale type
36 M.R.S. § 943
https://legislature.maine.gov/statutes/36/title36sec943.html“The filing of the tax lien certificate in the registry of deeds shall create a tax lien mortgage on said real estate to the municipality in which the real estate is situated”
Redemption
36 M.R.S. § 943
https://legislature.maine.gov/statutes/36/title36sec943.html“shall not be paid within 18 months after the date of the filing of the tax lien certificate in the registry of deeds”
Interest
36 M.R.S. § 505(4)
https://legislature.maine.gov/statutes/36/title36sec505.html“the maximum rate of interest must be established by the Treasurer of State and may not exceed the prime rate as published in the Wall Street Journal on the first business day of the calendar year”
Bid method
36 M.R.S. § 943
https://legislature.maine.gov/statutes/36/title36sec943.html“shall give to said municipality all the rights usually incident to a mortgagee, except that the municipality shall not have any right of possession of said real estate until the right of redemption shall have expired.”
Sale timing
36 M.R.S. § 942
https://legislature.maine.gov/statutes/36/title36sec942.html“The tax collector may, after the expiration of 8 months and within one year after the date of original commitment of a tax”
Filing of a tax lien certificate creates a tax lien mortgage in the municipality with priority over other liens; if unpaid after 18 months the mortgage is deemed foreclosed and the municipality owns the property (36 M.R.S. s.943). Rate cap per s.505. Official Maine Revised Statutes. | Prose: tax lien mortgage (municipal foreclosure) | set by municipal vote; capped by Treasurer of State (prime + 3 points) | 18 months | n/a - municipal tax lien mortgage held by the municipality; no competitive investor auction | varies by municipality
Filing of a tax lien certificate creates a tax lien mortgage in the municipality with priority over other liens; if unpaid after 18 months the mortgage is deemed foreclosed and the municipality owns the property (36 M.R.S. s.943). Rate cap per s.505. Official Maine Revised Statutes.
| County | FIPS | Platform | Health |
|---|---|---|---|
| Androscoggin County | 23001 | — | not_started |
| Aroostook County | 23003 | — | not_started |
| Cumberland County | 23005 | — | not_started |
| Franklin County | 23007 | — | not_started |
| Hancock County | 23009 | — | not_started |
| Kennebec County | 23011 | — | not_started |
| Knox County | 23013 | — | not_started |
| Lincoln County | 23015 | — | not_started |
| Oxford County | 23017 | — | not_started |
| Penobscot County | 23019 | — | not_started |
| Piscataquis County | 23021 | — | not_started |
| Sagadahoc County | 23023 | — | not_started |
| Somerset County | 23025 | — | not_started |
| Waldo County | 23027 | — | not_started |
| Washington County | 23029 | — | not_started |
| York County | 23031 | — | not_started |