505 East Jackson Street-Suite 303 - Tampa, Florida 33602
Phone: (813) 387-7724 - Fax: (813) 387-7727
|
505 East Jackson Street-Suite 303 - Tampa, Florida 33602 Phone: (813) 387-7724 - Fax: (813) 387-7727
|
|
Knowledge Is Key To Buying and Selling Real Estate By Attorney Miriam L. Sumpter Richard
WHAT HAPPENS WHEN I DON’T PAY MY REAL PROPERTY TAXES? Property taxes constitute lien superior to all other liens on real property. Special assessments are next in priority. When a property owner fails to pay property taxes, the taxing authority must take steps to obtain the tax money needed to pay for the cost of government. In Florida, unpaid property taxes are considered a debt, just as if the property owner had signed a promissory note. To collect delinquent taxes, the city or county government issues a tax certificate for each delinquent property. Lists of all delinquent taxes are published in the newspaper having a general circulation throughout the county. This give notice to all delinquent owners notice that tax certificates on their properties will be sold if the taxes are not paid. The published list of properties include the amount of the tax in arrears, specifies a date, time and place for public auction of tax certificates on each property listed. At the auction, any qualified person is entitled to bid for tax certificates on any property. Instead of bidding in dollars, investors bid interest rates at the auction, starting at 18 percent and going down. Once the certificate is sold, the bidder must pay the face amount of the certificate to the county. For a certificate to be redeemed by the owner of the property, the tax collector must collect the face amount of the certificate plus all accrued interest. The holder of a certificate can force a public auction of the property after two years but no later than seven years.
Once the property is transferred by a tax
deed, all other liens against the property-including the mortgage – are wiped
out, with the exception of any government liens.
For More Information Contact: Tel:
(813) 387-7724
|
|
