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​OTC Offers New Tool to Help You Do Your Homework on Tax Foreclosures

8/22/2019

Mecklenburg CountyAs part of the Office of the Tax Collector’s (OTC) Comprehensive Foreclosure Strategy, tax foreclosure auctions are held by the OTC’s legal vendors most Tuesdays beginning at 11 a.m. or noon at the Mecklenburg County Courthouse located at 832 E. Fourth St., Charlotte. But before you bid, the OTC encourages you to do your homework as the properties are sold “as is.” Resources such as Modria, consulting private real estate professionals and market analysis can be helpful tools in determining if you should invest in a tax foreclosed property or not. The OTC now offers another tool to help you: Broker Price Opinions (BPOs).

A BPO is an evaluation of a property, conducted by a real estate broker, which indicates the likely market sales price at a given point in time. The OTC’s real estate vendor, K.M. Minemier & Associates (KMM), has conducted BPOs on properties that have been referred to them through the OTC’s tax foreclosure program. KMM bases their BPOs on a drive by assessment of the property along with recently sold prices, amount of living space, date of construction and other market data. When conducting evaluations on vacant land parcels, KMM looks at lot size, access, and any other features of the property. Please note that, unlike fee appraisers, KMM does not have access to the property including entering structures.
 
Where can I find the BPOs?

The OTC has uploaded BPOs conducted by KMM to their Tax Foreclosure website (http://MeckNC.gov/taxforeclosure) for 482 of 1,478 properties so far, with more to come. You are able to view them free of charge. 

To locate a BPO, search for a specific parcel number, address, ZIP code, or any other criteria listed in the drop-down menu. If a BPO is available, there will be a “Link to BPO Document” listed at the end of the property information box on the left. To explore only those properties that have a BPO, select yes in the drop-down menu labeled “BPO Present (optional)” and click search. All properties with an available BPO will appear in the search results.

If you have questions, please contact the OTC at 311 (704-336-7600) or email: TaxMeck@MecklenburgCountyNC.gov

Please Note: Mecklenburg County makes no guarantees as to the accuracy of the BPOs and shall be held harmless in the event a property is appraised at a higher or lower value than what is stated in the BPO or if any other information contained in the BPO is found to be inaccurate. A BPO is a separate assessment of property value from a tax value assessment conducted by the County Assessor’s Office during the 2019 reappraisal or subsequent reappraisals.