Bismarck, Arkansas – The Arkansas Commissioner of State Lands (COSL) has launched an auction for tax-delinquent lands in an attempt to solve property tax delinquencies and provide investment options. Set for August 15, 2024, at 10 a.m., this regional event will include parcels from Clark, Dallas, Ouachita, and Nevada counties. The auction will take place in the picturesque DeGray Lake Resort State Park Lodge situated at 2027 State Park Entrance Road.
An important first step in the COSL’s continuous attempts to recoup lost tax income and reenergize land for use is this public auction. Properties offered for auction have become available at this event after they were underpaid for several years. In particular, once a property is auction-bound, its former owner cannot redeem it, therefore completing the transaction.
Before they may engage in the auction, interested bidders must register. Purchased properties acceptable modes of payment are credit or debit cards and company or personal checks; cash payments will not be accepted for these transactions. This measure guarantees a simple procedure and preserves financial stability for all the engaged parties.
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There is a secondary chance for purchase for properties not finding a buyer at the auction. Accessible thirty days following auction, these will be noted on the post-auction sales list of the COSL. Potential purchasers can then engage using an online bidding method, which is explained in an instructional video on the COSL website.
There is still a chance for owners of the delinquent items to redeem their belongings. You can handle redemption online using a credit or debit card. Alternatively, payments made by check or money order are accepted but must be accompanied with a Petition to Redeem, accessible via the COSL office or online. Redemption including cash payments is limited to in-person transactions at the COSL headquarters in Little Rock, and only when using certified funds, especially if the redemption occurs within 30 days of a planned auction.
Apart from providing an opportunity to buy land at perhaps reduced rates, the forthcoming auction is very important for the administrative process of handling and distributing tax-delinquent assets. The state wants to stimulate local businesses and promote responsible property ownership by turning these pieces back into active status. Clicking on the corresponding counties on the COSL website will provide interested parties further information and a list of accessible assets.
