Tax certificate sale

[scooterbug44]

My recent paper had multiple page sections devoted to tax certificates being sold. What exactly is this?

It reads like a who's who of Sowal (yes, I read every single entry and we have some real deadbeats who need to pay up and/or get their bills under $10K) and the sums listed easily total in the upper hundreds of thousands if not millions.

Are these just properties who have not paid their 2009 taxes yet or have they not paid for a longer amount of time?

Considering the amounts involved and the number of listings some individuals/companies have, are there any collection options or future restrictions that we can place?

The reason I bring it up is that collecting just half the taxes from the 50 most frequent names on the list would easily bring in hundreds of thousands of dollars. I was surprised to see Sandestin owes $25K, but they just have that one entry - quite a few have MORE THAN 30 entries. I vote if you have more than 5 overdue tax bills or owe more than $5k in taxes you shouldn't be allowed to buy any more property and we should get to start seizing property/assets.

Not suggesting this for the minor amounts some owe on a property or two, but the big offenders whose tax bill is easily equated to a teacher or cop's annual salary.

I was also surprised by some of the names on there - apparently it isn't just private citizens/companies who aren't paying, but the Secretary of Housing and Urban Development, Fannie Mae, the newspaper the list is printed in, banks, churches, and most annoying - people who I am pretty sure work in high up in county government or are currently running for office .............and have multiple listings.

Can we garnish their wages or seize campaign funds or something? I am sure as hell not going to vote for someone who doesn't pay the very taxes that constitute their paychecks and I don't see why we should pay TAX money to someone who owes the very county government writing their paychecks tax money.

 

[Chief Deputy TC]

My recent paper had multiple page sections devoted to tax certificates being sold. What exactly is this?

It reads like a who's who of Sowal (yes, I read every single entry and we have some real deadbeats who need to pay up and/or get their bills under $10K) and the sums listed easily total in the upper hundreds of thousands if not millions.

Are these just properties who have not paid their 2009 taxes yet or have they not paid for a longer amount of time?

Considering the amounts involved and the number of listings some individuals/companies have, are there any collection options or future restrictions that we can place?

The reason I bring it up is that collecting just half the taxes from the 50 most frequent names on the list would easily bring in hundreds of thousands of dollars. I was surprised to see Sandestin owes $25K, but they just have that one entry - quite a few have MORE THAN 30 entries. I vote if you have more than 5 overdue tax bills or owe more than $5k in taxes you shouldn't be allowed to buy any more property and we should get to start seizing property/assets.

Not suggesting this for the minor amounts some owe on a property or two, but the big offenders whose tax bill is easily equated to a teacher or cop's annual salary.

I was also surprised by some of the names on there - apparently it isn't just private citizens/companies who aren't paying, but the Secretary of Housing and Urban Development, Fannie Mae, the newspaper the list is printed in, banks, churches, and most annoying - people who I am pretty sure work in high up in county government or are currently running for office .............and have multiple listings.

Can we garnish their wages or seize campaign funds or something? I am sure as hell not going to vote for someone who doesn't pay the very taxes that constitute their paychecks and I don't see why we should pay TAX money to someone who owes the very county government writing their paychecks tax money.

This is a 2:30am post so grant me some lattitude if it is not very detailed, but here goes: The post of the properties in the paper is a required by F.S. 197 and is the prelude to the Tax Certificate Sale. If the taxes go unpaid, and the tax sale (online) which begins on or before June 1st annually begins, then a tax certificate is sold on that property. The tax certificate's face value includes all the advertising, and other related fees associated with the delinquent account. The buyer is essentially agreeing to pay the taxes in return for a return on investment based on the interest rate he/she bids on the account. At the end of the sale the normal distribution of taxes is made to the various taxing authorities, so the government agencies get their money. When the property owner eventually pays their taxes, they pay the full amount including penalties and the intrest to the certificate holder. If unpaid after two years the certificate holder can apply for a Tax Deed Sale. This forces an auction of the property by the Clerk of Courts Office. For more details visit our website at Walton County Tax Collector

 

[Bob Wells]

Does it cost the certificate holder any money to apply for a Tax Deed Sale, and how much of the money from the auction goes to the certificate holder?

 

[Chief Deputy TC]

Does it cost the certificate holder any money to apply for a Tax Deed Sale, and how much of the money from the auction goes to the certificate holder?

There is a title search fee, and the Clerk's fees. The opening bid amount includes all the the certificate holders investment, including his/her interest and fees. At tax deed sale, if no one bids, then the certificate holders investment constitutes the first bid and they get deed to the property (somewhat rare, but does happen). If others bid then at the end of the sale the certificate holder get's his full investment that includes the interest he/she originally agreed too accept up to 18%, and a minimum of 5%.

An important note:
If a certificate is not redeemed, and a tax deed has not been applied for, the certificate will be cancelled seven years from the date of issuance.

 

[scooterbug44]

So as long as someone buys the certificate, the county doesn't lose any money because the advertising etc. are factored in?

Do you know what percent of tax certificates typically get bought?

 

[Chief Deputy TC]

So as long as someone buys the certificate, the county doesn't lose any money because the advertising etc. are factored in?

Do you know what percent of tax certificates typically get bought?

Around 80-90% at the Tax Certificate Sale. All those remaining are "struck" to the County at 18% interest and can be purchased at the face value plus a certificate transfer fee of $6.25. Most of these will be purchased by the start of the new tax year . We have about 1 million of those remaining for this year. See our recent news release on the Tax Sale results on our webpage for the actual numbers for this year and information about those certificates that are still available. Hope everyone had a great Saturday.