The $140,000 in delinquent property taxes owed by a company registered to Troubleshooter Tom Martino was not paid to the City of Denver Treasurer’s office by the Friday, October 31 deadline.
How do we know? The debt on the nineteen parcels along Welton Street near Five Points has been posted on www.denvertaxsale.com, meaning that savvy investors have until November 6 to place bids to purchase the tax liens and make 11 percent annual interest on them until Martino and his fellow investors pay up. (The site doesn’t reveal bids until the final day.) If the debts aren't paid within three years, the lien holders can apply to snag the deeds on the properties -- and become the owners of three decaying buildings and some prime developable asphalt near downtown.
Why would a self-styled real estate expert like Martino allow his group’s $10 million investment fall into such a position? On a show last week – without any mention of the Westword story – Martino discussed how for some investors, it might be less onerous to let someone buy the tax lien and pay the interest to them than to borrow money to pay off property taxes by the October 31 deadline.
Interesting way to play the numbers, Troubleshooter. Know what else is less onerous? Maintaining or tearing down dilapidated properties, so that neighbors and the city don't complain that they've become a haven for the homeless -- or worse, a drug den just steps away from an elementary school. – Jared Jacang Maher
