Page 9 - Hobe Sound Reflections - March '23

Hobe Sound, Page 9

Local Government from page 8 taxes are delinquent. The system for collecting delinquent
ad valorem property taxes is defined in great detail in Martin County Property
certificates represent liens on all unpaid real estate the Florida Statutes, Attorney General’s Opinions, and
properties. The sale allows citizens to buy certificates Department of Revenue’s rules and regulations, per F.S. Appraiser’s Office
by paying the owed tax debt. The sale is held online. 197.122, F.S. 197.332, F.S. 197.343, F.S. 197.402, F.S.
A tax certificate, when purchased, becomes an 197.403, F.S. 197.432. Attention New Home Buyers!
enforceable first lien against the real estate. The A tax certificate is valid for seven years from the When buying real estate
certificate holder is actually paying the taxes for a date of issuance. The holder may apply for a tax deed property, you should not
property owner in exchange for a competitive bid rate of when two or more years have elapsed since the date of assume that property taxes
return on his investment. They make it possible for the delinquency. If the property owner fails to pay the tax will remain the same.
owner(s) of real property to allow ad valorem property debt, the property tax deed is sold at public auction. In Whenever there is a change in
taxes to become delinquent and continue to use their order to remove the lien, the property owner must pay the ownership, the assessed value
property for two years (or more) before actually paying tax collector all delinquent taxes plus accrued interest, of the property may reset to
the bill (plus interest and costs). During this period, penalties and advertising fees. The tax collector then the full market value, which
investors pay the delinquent tax bills at negotiated rates notifies the certificate holder of any certificates redeemed may result in higher property
of interest lending the delinquent property owners money and a refund check is then issued to the certificate holder. taxes. Our New Home Buyer
in order to continue using their property before paying the Although it is a secure investment in most cases, there Timeline handout illustrates
bill or surrendering the title to the property. The payment is an element of risk in purchasing tax certificates. F.S. this scenario.
of property taxes provides the county, school board, and 197.472(2) states that tax lien certificates are guaranteed
municipalities the revenue to provide necessary services an interest rate return of a flat (non-accruing) 5 percent
for Martin County taxpayers. Tax certificates assist in or your bid, on an APR basis, whichever is greater.
funding the government’s expenses in the interim time
Scan QR code to view this
timeline.

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Monday, March 20