The city will put another 155 “adjudicated properties” up for online auction on Wednesday, the third wave in a process intended eventually to sell off almost 1,800 tax-delinquent parcels spread across Orleans Parish.
About three-quarters of the properties are vacant lots.
Winning bidders will receive full ownership and title insurance for each property.
The auction, hosted at www.civicsource.com, is scheduled to run from 8 a.m. to 8 p.m., though it may continue later if bidding is still occurring.
The previous two auctions have brought in about $8.3 million for the city and other taxing authorities in Orleans Parish from the sale of about 250 properties.
Bidding for properties in the auction starts between $3,000 and $7,000 each, depending on the cost of doing research into each one’s title and other expenses incurred in getting the parcel to auction.
Putting tax-delinquent properties on the virtual auction block has been one of Mayor Mitch Landrieu’s strategies for spurring redevelopment, bringing the parcels back into commerce and recouping some of the back taxes they owe.
All the properties have been delinquent on their taxes for at least five years, and the city has been unsuccessful in putting them up for tax sales, which sell the rights for private buyers to collect the back taxes plus interest.
A fourth auction, which will include 111 properties, is scheduled for Oct. 7.
Another roughly 1,000 properties are available for auction, but in each case no one has put up the $650 deposit needed to start research into its title. That deposit is refunded if the person who puts it down does not win the auction for the property.