This post was contributed by a community member. The views expressed here are the author's own.

Politics & Government

Smith: Property Tax Sale is Best Game in Town

Resident Rick Smith informs community about property tax liens at City Hall on Friday.

Editor's Note: Rick Smith is a Glen Cove resident and owner of the on School Street.

Forget that old gambling joint OTB, which used to greet visitors at the entrance to Glen Cove. There is a much better, no risk way to make money in Glen Cove with your money, and it has been the best kept secret for years.

On Friday morning at 10 a.m. in the , the annual sale of property tax liens will be held. At that sale, anyone can pay the tax that Glen Cove property owners can not afford to pay, and then be owed that amount by the property owner plus as much as 10 percent for each six- month period. That is a 20 percent annual return on your money - fully secured by the property.      

Find out what's happening in Glen Covewith free, real-time updates from Patch.

The bidding is unusual in that it begins at 10 percent and can descend to as little as 0 percent.

Generally, the range is between four percent and ten percent for each six-month period. Not bad, when you consider that passbook interest at some banks is not even one percent for the entire year. If the taxpayer defaults and doesen't pay you back, you may even be able to own the property for only the amount of the back taxes.

Find out what's happening in Glen Covewith free, real-time updates from Patch.

So show up a little early to register and pick up a list of all the properties, and don't forget to bring at least two checks, since the City and School tax liens will be sold.  And wait until you see all the interesting names on the list of property owners.

Check back on Glen Cove Patch for video and coverage of the event.

We’ve removed the ability to reply as we work to make improvements. Learn more here

The views expressed in this post are the author's own. Want to post on Patch?