Posted on: 02nd Feb, 2007 11:54 am
what are tax certificate sales and where it is held?And if I want to take part in such a sale how would know of it.If my location is needed, I am in florida, martin county,thanks in advance.
Hi Flma,
Welcome to Mortgagefit discussion board.
A tax certificate sale is conducted to auction off properties having tax liens. Such a sale is held once every year and the person making the lowest bid gets a lien over the said property. Such a person getting a lien recorded against the property is also called as the certificate holder.
Such a certificate can be used by the lien holder to file for tax deed sale (also known as tax deed auction) proceedings after two years of the date the certificate was issued. And the sale is generally held for two days in May or June at the administration building of the county.
You can get information on publication of the certificate sale from your local newspapers (like the Stuart News or the Palm Beach Post). You can also contact the Tax Collector's Office for more information about the publications.
Do let me know if you have any other questions.
Thanks
Blue
Welcome to Mortgagefit discussion board.
A tax certificate sale is conducted to auction off properties having tax liens. Such a sale is held once every year and the person making the lowest bid gets a lien over the said property. Such a person getting a lien recorded against the property is also called as the certificate holder.
Such a certificate can be used by the lien holder to file for tax deed sale (also known as tax deed auction) proceedings after two years of the date the certificate was issued. And the sale is generally held for two days in May or June at the administration building of the county.
You can get information on publication of the certificate sale from your local newspapers (like the Stuart News or the Palm Beach Post). You can also contact the Tax Collector's Office for more information about the publications.
Do let me know if you have any other questions.
Thanks
Blue
Thanks, the details are really helpful but I forgot to ask about how to register and payment methods which are accepted, any further suggestions would be really helpful
You can register for it 30 days prior to the sale & can also register before the sale on the sale date. For registration you will be required to fill a W-9 and a general information form and would be required to provide federal tax or social security number.
About the payment method, before or immediately following the sale you will be required to make a 10% deposit.
The payment you will make at the time of sale or the 10% deposit can be a personal or business check or cash.
Let me also add that the final payment should be made to the Tax Collector's Office within two days of the sale. Such final payment should be in the form of money order, cashier's check or cash. If you are not able to make the payment within 2 days then the certificate given to you will be resold.
David
About the payment method, before or immediately following the sale you will be required to make a 10% deposit.
The payment you will make at the time of sale or the 10% deposit can be a personal or business check or cash.
Let me also add that the final payment should be made to the Tax Collector's Office within two days of the sale. Such final payment should be in the form of money order, cashier's check or cash. If you are not able to make the payment within 2 days then the certificate given to you will be resold.
David
flma1002, just to let you know, the certificates which are not bid on at the time of tax certificate sale can be purchased from the county after the sale for their current redemption amounts. Those certificates which can be purchased are normally listed at Tax Collector's Office one week after the completion of the sale.
Hi flma,
The successful bidder in a tax certificate sale is the buyer and holder of the tax lien. One benefit of purchasing a tax lien is that buyers get are a certain percentage of yield from the lien which is to be paid off the delinquent taxpayer (current owner of property) or the title to the property if the taxpayer fails to pay off the tax.
The yield percentage is to be fixed upon by the government. Another benefit is that one gets the chance to hold title to the property at a substantial discount.
However, the creditors and the IRS often take over tax lien holders when the original owner of the property declares bankruptcy.
Thanks,
James.
The successful bidder in a tax certificate sale is the buyer and holder of the tax lien. One benefit of purchasing a tax lien is that buyers get are a certain percentage of yield from the lien which is to be paid off the delinquent taxpayer (current owner of property) or the title to the property if the taxpayer fails to pay off the tax.
The yield percentage is to be fixed upon by the government. Another benefit is that one gets the chance to hold title to the property at a substantial discount.
However, the creditors and the IRS often take over tax lien holders when the original owner of the property declares bankruptcy.
Thanks,
James.