Repository List

This is the 6th and final part of the Tax Claim Life Cycle series.

Following the Judicial Sale, any remaining properties are moved to the Repository List.  For a property to reach this point, it likely has very little value.  The goal is for the taxing districts to cut their losses and try to get the property back onto the tax rolls as quickly as possible.

The bureau must maintain the list and make it available during regular business hours.  Many tax claim bureaus list these properties on the county website.

The bureau may sell any property on the Repository List for any price at any time.  The court need not approve the sale nor must the sale be published.  The taxing districts must sign off on the sale, but they cannot withhold their consent without good reason.

The property is sold free and clear of all liens and tax claims.  The bureau is responsible for recording the deed (at the purchaser’s expense).

Impact on Assessed Value

The price paid for a parcel on the Repository List will be considered its fair market value for assessment purposes.  This rule applies only to these parcels, not those sold at Upset, Judicial, or Private sale.

The county assessment office may not change this new value except under the following circumstances:

1. a county-wide reassessment;
2. the parcel is re-sold; or
3. the parcel is improved

Note that fair market value and assessed value are not the same thing.  To determine the new assessed value, one would divide the sale price (fair market value) by the Common Level Ratio (CLR) for the county.

For instance, a parcel purchased off the Repository List for $30,000 in a county with a current CLR of 1.5 would have its assessed value fixed at $20,000 (30,000 ÷ 1.5).

For more information, refer to sections 625 – 630 of the Real Estate Tax Sale Law.