Nye County Raises Over $1.8 Million in First-Ever Online Tax Sale
Over 300 bidders from 21 states participated in four-day online auction
TONOPAH, Nev., July 6, 2020 (Newswire.com) - The Nye County, Nevada, Treasurer’s Office hosted the county’s first-ever online tax-defaulted property sale auction with website Bid4Assets.com from May 31 to June 3. Of the 567 properties that were offered at auction, 366 sold and 53 properties were withdrawn from the sale at the request of the Treasurer’s office. The online nature of Bid4Assets’ platform eliminated all COVID-19 concerns surrounding the tax sale, allowing auction participants to bid using cell phones, laptops and computers from the safety of their home.
“Our tax sale with Bid4Assets was the most successful auction Nye County has had,” said John Prudhont, Nye County Treasurer. “The savings to Nye County taxpayers, resulting from utilizing Bid4Assets.com’s online platform, were substantial. For past live auctions, we needed to close our offices to the public, pay for travel, lodging and meals for Treasurer Department staff traveling from out of town. Additional savings resulted from not requiring two Sheriff Deputies to provide security as well as assistance from county administration and technology staff. With Bid4Assets.com, we didn’t need to incur those additional costs and Nye County taxpayers also benefited from the nationwide reach and participation of bidders where, in the past, few bidders participated from other states.”
In total, 342 bidders from 21 states, including California, New York, Texas and Florida, participated in Nye County’s tax sale. Winning bids ranged from $784 to $140,000. The sale generated $1,803,522.20 in proceeds for the county.
“We’re very encouraged to see such a strong rate of participation for Nye County’s first online tax sale considering the current climate of COVID-19,” said Jesse Loomis, Bid4Assets’ CEO. “Bid4Assets’ services were intended to help counties attract a larger bidder pool and streamline the auction process but, since the outbreak, a larger focus has been placed on keeping the tax sale process operating without creating a public health risk. Many counties are seeing an increased need for public services while at the same time facing a decrease in revenues. Our current focus is helping counties raise much-needed revenues.”
Bid4Assets was founded in 1999 and conducted the first online tax sale in 2000. Over the last 20 years, it has conducted hundreds of tax sales around the country and generated hundreds of millions of dollars in proceeds for counties.
Bid4Assets (http://www.bid4assets.com) is an online auction site based in Silver Spring, Maryland. The privately held company auctions distressed real estate for the federal government, county tax-collectors, financial institutions and real estate funds. Bid4Assets is the leading provider of online tax sales in Nevada. Since its inception in 1999, the company has sold more than 125,000 properties nationwide and grossed over a billion dollars in auction sales.
Source: Bid4Assets, Inc.