and now, thanks to new legislation, our system is available to tax collectors statewide (referring to Archon's native state, Louisiana). In fact, our next auction for the Caddo Parish tax collector will include over 2,500 properties. We have auctions scheduled over the next three months for almost a dozen different political sub divisions (tax collectors)
New Orleans, LA (Vocus) May 18, 2010
Archon has developed the definitive tool set for tax collectors and financial institutions to manage their collections and property inventory. Among these tools is the online property auction software, CivicSource Auctioneer™, which electronically manages every aspect of a tax lien or property auction, including registration, browsing, bidding and payment processing.
CivicSource Auctioneer™ is completely online, allowing a tax collector to host a tax lien or deed sale or adjudicated property auction via the Internet quickly, easily and without the time and resources traditionally used for a live auction.
CivicSource.com offers four types of auctions:
1. Adjudicated: Properties that didn’t sell at a tax sale offered by tax collectors.
2. Tax Lien or Tax Title: Liens and tax title to properties being sold to recover delinquent taxes offered by tax collectors.
3. Tax Deed: Properites being sold to recover delinquent taxes offered by tax collectors.
4. Foreclosure: Properties foreclosed on being sold to recover defaulted loans offered by banks and lenders.
In its initial 2007 release in the city of New Orleans, CivicSource Auctioneer™ produced groundbreaking results by far exceeding both expectations and previous traditional tax sale results.
Traditional tax sales are typically conducted by a moderator standing on courthouse steps, reading property descriptions, with 75-100 in-person participants. In New Orleans, the first online tax sale in 2007 had a total of 4,570 nationwide registered users, with over 35,000 unique visitors viewing the online auction. That increase, from 100 participants to 35,000, dramatically increased the success of that 2007 tax sale. Improving accessiblity for investors assures that tax collectors and lenders will have a higher sales volume and value per sale as compared to traditional auctions.
Of that first auction, Archon's , Chief Operations Officer, Beau L. Button says, “It was unprecedented. Up to that point no one on the coast had run an online tax sale of that scale. We beat the city's expectations by a mile.” Button continues "and now, thanks to new legislation, our system is available to tax collectors statewide (referring to Archon's native state, Louisiana). In fact, our next auction for the Caddo Parish tax collector will include over 2,500 properties. We have auctions scheduled over the next three months for almost a dozen different political sub divisions (tax collectors)".
By putting the entire process online CivicSource Auctioneer™ removes the need for time and resources needed for administering a live auction. The online auction is accessible to a much larger audience, and has the added advantage of increased transparency and efficiency in government.
Another benefit of the online property auction to the government entity is the elimination of any perceived bias.
How does this property auction site improve the auction process for governments? With CivicSource Auctioneer™, every aspect of the tax sale is electronically managed,including registration, browsing, bidding and payment processing.
Also, it offers the flexibility to meet the specific legal requirements set forth by state to state legislation, whether simple purchase, bidding or any other method or auction type.
This online auction offers convenience and greater potential for investors nationwide. For local governments, it offers freedom from allocating resources to a live auction process.
Registration for new buyers is now open. Registration is free and is required to participate in an online auction. Upcoming auctions are May 19th, May 26th, and June 9th, with several others slotted but not yet scheduled.
Archon Information Systems, L.L.C. operates with the understanding that it’s time for technology to take its place in government as the next milestone in American democracy. At any level of government, local, state or federal, technology can be an empowering tool for constituents and for government leaders.
For more information on Archon Information Systems, L.L.C., please visit http://www.archoninfosys.com/.
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