After a successful first round earlier this year, the City of Knoxville is again auctioning surplus City-owned property through an online bidding process.
Bidding on 33 properties is now underway, and the auction ends at noon on Wednesday, May 23, 2018.
Powell Auction & Realty is managing the auction on its website. To see photos of and get details about the City-owned properties for sale, or to enter a bid, visit http://bit.ly/COKRealEstate.
The 33 properties are mostly vacant lots acquired by the City after they were not purchased during a public tax sale. Before being put up for auction, all properties were reviewed by City departments and the Land Acquisition Committee. City Council and County Commission reviewed and approved the requests to surplus the parcels for less than the taxes owed.
The first online auction of 27 surplus tax sale properties brought in nearly $300,000. Based on the prior taxes owed on each property, the revenue will be prorated between the City and County.
Highest bidders will pay a 5 percent commission of the sales price, the deed recording fees and transfer taxes.
Selling the properties eliminates the need for City maintenance, like mowing. And it creates a potential for a private owner to develop the property – by building a house, for example, and improving a neighborhood.
“In meeting the buyers during the closing process, it was exciting to hear all the positive plans they had for long vacant and, in some cases, blighted properties,” said the City’s Real Estate Manager Chris Ruberg.
Questions? Call Ruberg at 865-215-4465.