Kokomo Tribune; Kokomo, Indiana

Local News

April 26, 2012

Investor snaps up tax certificates

Local man unhappy about being outbid.

A Colorado-based investment group bought an interest in 48 Howard County properties at an Internet tax sale earlier this month, raising eyebrows among local investors.

The Howard County Auditor’s Office received just over $29,000 from Hai Minh Ventures LLC for tax certificates on the properties, officials said Wednesday.

The certificates entitle Hai Minh and other investors purchasing certificates to either a guaranteed profit or first shot at acquiring title to a property.

The county, in return, collected more than $50,000 in unpaid property taxes at the Internet auction, which ran from April 5 to 13.

Henry Clingaman, a Kokomo homeowner, tried bidding on the property next to his, but was outbid by Golden, Colo., investor Ma Pham. Hai Minh paid the funds for the properties Pham bid on, explained Peggy Mallabar of the auditor’s office.

“I know the guy who actually owns it, and he’s not going to pay the back taxes,” Clingaman said. “He’s been talking about just letting it go.”

Most investors purchasing tax certificates (also called tax liens) do so hoping the property owner will pay off the back taxes, said Josh Boeke, a representative of SRI Inc., Indianapolis, the realty firm the county used for the recent tax sales.

If that happens, the tax certificate holder gets their money back, plus 10 percent interest. That’s how most tax lien investors make their money.

If the current property owner doesn’t redeem the property by paying off the past-due taxes, the tax certificate holder can either try to gain title to the property or simply eat their investment, Howard County Treasurer Martha Lake said.

In Clingaman’s case, Pham purchased a certificate on a property in the 1000 block of Apperson Way North for about $800.

The owner of the property, however, owes about $8,700 in back taxes. If he doesn’t pay, Pham would have to go to court to gain title on the property, Lake said.

Text Only | Photo Reprints
Local News
  • NES plans kindergarten round-up Northwestern Elementary School is planning its kindergarten round-up for 8 a.m. to 2 p.m. Thursday. To qualify for kindergarten enrollment, a child must be 5 years old on or before Aug. 1. Parents must bring their child's birth certificate, immunizat

    April 19, 2014

  • NSC establishes number of transfers Northwestern School Corp. has decided how many transfer students the district can accept next school year in compliance with the state's relatively new open enrollment law. This is the first time Northwestern has announced vacancies at each grade lev

    April 19, 2014

  • Kokomo man heading to 'Hoosier Millionaire' finale Rick Rhodes is still having a hard time believing his good fortune. On Thursday, the 53-year-old Kokomo man walked away with $13,500 after beating out five other contestants on the “Hoosier Millionaire” live road show in Fort Wayne. “I’m still in sho

    April 18, 2014

  • Dual Credit classes KACC 02 Dual credits give high school students head start on college More area students are enrolling in dual credit classes as a way to get an early start on their college degrees and prepare for the rigor of higher education while still in high school. In the past five years, the number of college credits earned by

    April 18, 2014 3 Photos

  • Email, Internet knocked out at Miami Co. Courthouse PERU -- Basic government services were put on hold for the second time in nearly two months in Miami County after a massive server failure once again knocked out Internet and email access in most departments and offices. The crash hit early last week

    April 18, 2014

  • Early voting underway in Miami Co. PERU -- Miami County officials are reminding residents that early voting is now open for the primary election. Early voting started April 8 and will end May 5, one day before Election Day. Early voting is open from 8 a.m. to 4 p.m. every weekday at t

    April 18, 2014

  • Jackson Street Commons veterans home grand opening set for May 22 Jackson Street Commons, a home for veterans near downtown Kokomo, will host a grand opening May 22. The new $3.6 million facility, located at 322 E. Jackson St., provides permanent housing to 27 previously homeless veterans, said Judy Dennis, executi

    April 18, 2014

  • YMCA nearing design phase completion Development and design of the new 73,000 square foot YMCA should be completed in the next 30 days, YMCA of Kokomo Executive Director David Dubois told the Kokomo Common Council Monday. Dubois said he hopes to begin construction on the new facility by

    April 18, 2014

  • NHS, PJHS named four-star schools Northwestern High School and Peru Jr. High School have found their place among the top schools in the state, with the Indiana Department of Education recognizing them as four-star schools Tuesday. A total of 311 elementary, middle and high schools we

    April 18, 2014

  • NWS-PT041614 Flora Doc1.jpg [Duplicate] The doctor is still in after health group's departure FLORA -- The safe at a downtown bank building, once used for protecting cash and valuables, is now stocked with medical supplies. The former bank office on East Main Street became Flora Family Medicine last month after it was made possible for one lo

    April 18, 2014 2 Photos

Latest news
Featured Ads
Only on our website
AP Video
Captain of Sunken SKorean Ferry Arrested Raw: Fire Destroys 3 N.J. Beachfront Homes Raw: Pope Presides Over Good Friday Mass Raw: Space X Launches to Space Station Superheroes Descend on Capitol Mall Man Charged in Kansas City Highway Shootings Obama Awards Navy Football Trophy Anti-semitic Leaflets Posted in Eastern Ukraine Raw: Magnitude-7.2 Earthquake Shakes Mexico City Ceremony at MIT Remembers One of Boston's Finest Raw: Students Hurt in Colo. School Bus Crash Raw: Church Tries for Record With Chalk Jesus Raw: Faithful Celebrate Good Friday Worldwide Deadly Avalanche Sweeps Slopes of Mount Everest Police Arrest Suspect in Highway Shootings Drought Concerns May Hurt Lake Tourism Vermont Goat Meat Gives Refugees Taste of Home Calif. Investigators Re-construct Fatal Bus Cras Mayor Rob Ford Launches Re-election Campaign Appellate Court Hears Okla. Gay Marriage Case
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
Obituaries