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New Mexico Tax Deed Auctions - (NM)
Written by: Kevin Zimmerman
The state of New Mexico does not hold tax lien certificate sales. However, it does conduct tax deed sales and overall information indicates that New Mexico is a fair state for tax deeds investing. Investors should proceed cautiously in New Mexico, because mortgage liens are necessarily removed by the tax sale.
An Overview of New Mexico Tax Deed Sales
There is no interest associated with the state of New Mexico since it does not hold tax lien sales. The state does, however, conduct tax deed sales. The right of redemption period for tax deed sales in New Mexico varies, but the original property owner is allowed to challenge the ruling in court for up to 2 year afterward.
Tax deed sales in New Mexico often take place frequently and there is no set time. Some counties have been known to hold up to 4 sales per year. What usually determines when a tax sale will be held is when the number of delinquent tax payers grows large enough.
New Mexico Tax Sales Bidding Process
All tax sales held in New Mexico are generally conducted via a competitive bidding process, but the process can vary depending on the rules set by the individual counties. The beginning price is normally equal to the amount of taxes owed.