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Port St. Lucie - Sebastian - Vero Beach St. Lucie, Martin, and Indian River counties (Treasure Coast)
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Old 05-08-2013, 06:57 PM
 
Location: Venice, FL
1,690 posts, read 2,801,581 times
Reputation: 731

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Ok- can someone explain this novel that the newspaper gives out every year?? I see all these people and businesses that owe taxes, but have no idea why I must know this. Can I pay their taxes and own the land? It seems way too good to be true to get a plot of land for a few hundred bucks.

Please explain this to me like I'm a 5 year old- I'm interested to know!
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Old 05-08-2013, 07:16 PM
 
1,381 posts, read 2,309,967 times
Reputation: 890
There was an explanation of who it works in the " novel" this morning .. Basically ...person doesn't pay their taxes by March 31 st ( I think) . The city auctions off certificates for the amount of taxes owed to the person who bids the lowest intrest rate they are willing to accept. Once the land/homeowner gets around to paying the taxes , they pay the certificates holder the amount of taxes plus interest ..the County gets the tax money up front , the tax certificate holder earns interest once the owner pays ... Don't know what happens if the
Certificates don't get paid ( redeemed )
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Old 05-08-2013, 07:22 PM
 
17,396 posts, read 22,144,279 times
Reputation: 29820
Usually they have until 5/31 to pay......June 1st the auction starts (selling the delinquent tax bill), investors buy it, county gets paid. Property owner has 2 years to pay, if not then the lien holder can start proceedings to take the property. County guarantees the investor a set interest rate minimum but with penalties/fees it can pay up to the teens.

Big corporations/hedge funds have been bombarding the auction system with bids to grab the tax sales due to the lucrative returns......google it.
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Old 05-09-2013, 10:18 AM
 
1,257 posts, read 1,869,642 times
Reputation: 690
Now that is a scam if I ever seen one but I like it. My only problem with it is that big investors get an advantage over small time people. It's like those people who have auto dialers for radio contests. The biggest unfair scam that is going on is in the stock market. Large companies use super computers to make thousands of trades on the same stock per second. It would take you and I several minutes to make one trade and we would have to pay a comission. The big companies that make these trades don't have to. It's very complicated and that is the way they like it but a stock works like a wave. They buy at the bottom and sell at the top. Because there are so many people doing trades a stock can rise and fall many times per second. It is just a small amount but if you use a super computer you can take advantage of those tiny dips. I would rather see these auctions done in a room with live people but that is never going to happen.

I like it because at least the taxes get paid and deadbeats get the shaft. If the city of Detroit had such a program they would not be in the situation they are in now. Thousands of property holders are years behind in their taxes because they either could not afford to pay them or the former Mayor (now in prison) told them not to pay them because the government would bail them out.
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