The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-05-01
Synt icates in North Carolina
Are Buying TIL III UP
AND GETTING RICH At IT
CHARGE 20 PER CENT. INTEREST
IF LAND Is REDEEMED.
,r,sFoRFE,TeoAF AFTER ONE YEAR
The Sheriffs Sale Of Real sstata ~
This County For Taxes Takes
Place at Court House
Next Monday.

The News and Observer wishes TO
sound = warning to all persons in the
State who own real estate ane haNe nv
paid the fax on It,
The law in regard to the sale of such
nronartv was very materially changed
Inv the Legislature of 1895, and the man
whose land has been advertised for sale
for taxes bv the sheriff had better hustle
around and pay his taxes or he will
either lose his land or pay within the
next year the original tax, the cost and
then 20 per cent interest on the total
amount That is the law as passed by
the Legislature of 1880.
What is worse, the land, if sold, will
nrobably fall into the hands of a syndl-
cate organized for the express purpose
of buying up such property-sharpers ana
Shylocks, who feed and fatten upon the
misery and distress of the people.
There are several such syndicates III
North Carolina, with their agents in ev-
cry county, making business of buying
up tax titles, quietly holding them Tor
n wear and if in that time the unfortun-
ate owner does not come along ana
nlank down the original tax and costs
and 20 per cent on that, they go to the
sheriff and get a deed and take posses
sion Of the land.
The law (section 81 of Machinery Act
providing for this is as follows:
..The purchaser of any tract OF lana
sold nv the sheriff for taxes will be en-
titled to a certificate in writing descrlb-
ing the land so purchased, the sum palu
and the time when the purchaser Will De
entitled to a deed. which certlhcates
shall be signed by the sheriff in his DIN
cial acity, and shall be presumptive
evidence of the regularity of all prior
proceedings. The purchaser acquires a
nerpetual lien Of the tax on the land, ana
if after the taxes become delinquent ne
subsequently pays any taxes levied on
the same, whether levied for any year or
years previous or subsequent TO such
sale he shall have the same lien for them
and may add them to the amount paid by
him in the purchase, and the treasurer OF
the county shall make out tax recelpt
and duplicate for the taxes on the real
estate mentioned in such certificate, the
: same as in other cases, and shall write
thereon sold for taxes.
.sHhe certificate of purchase shall be
assignable by endorsement, and an as
Segment thereof shall vest in the as
signee or his legal representative all the
right and title of the original purchaser.
and the statement in the sheriff deco
of the fact of the assignment shall be
presumptiye evidence of such assign
ment."
This law has made many northern syn
dicates rich in several of the Southern
States. notably Florida, and its passage
was secured during the Legislature before
the last for that purpose in this State.
Since that time thousands of dollars OF
tax titles have been bought up by syn
dictate in Asheville, composed of Maine
men. and several syndicates of lumber
men in the Eastern counties. The Ashe-
Vile syndicate last year, through an
agent here, bought several valuable tax
titles.
There will be another tax sale III tins
county Monday and the owners of real
estate should see to it that their property
is not sold And the only way to pre-
vent it is to pay the tax; but it is much
better to borrow the money at reason
able interest and pay it than to allow 1T
to be sold and then have to pay 20 per
cent interest.
The time was before the passage of the
above law-when a tax title was not
good, but that is not now the case. 1t
has been ueclded Dy tne supreme couil
three cases last year-as good as any
other deed.
1t is to be hoped that the people of
= North Carolina generally will look into
this matter and not allow their property
10 be sacrificed in this manner. If they
do nobody is to fault but themselves.
The law has been made thus stringent i'll
order to enforce the collection of the
taxes.