Asbury Park selling dozens of tax liens to many first-time investors
Asbury Park city officials held a tax lien auction Wednesday for investors who want to be a part of the citys redevelopment plans.
Many people at the sale were first-time investors. They say the best way to be a part of Asbury Parks redevelopment is to buy the property cheap at the sale. However, the investment is a gamble because many previous redevelopment plans in Asbury Park never left the drawing board.
During the tax lien sale, the city auctions the right to collect money from homeowners who are severely past due on their property taxes. The winner of the bid pays the city the back taxes. The property owner then has two years to pay off their debt, with interest, to the lien holder. If the owners do not pay out after two years, the lien holder would become the new owner of the property.