TAX CERTIFICATE SALE BEGINS
05/31/01 - BARTOW
Joe G. Tedder, CFC, Tax Collector for Polk County,
Florida, opened the Polk County Tax Certificate
Sale this morning.
A Tax Certificate is a lien on property created by
payment of the delinquent taxes due. It is not a
purchase of property.
Florida statutes require the Tax Collector to
conduct a sale of tax certificates beginning on or
before June 1st for the preceding year's
delinquent real estate taxes.
Prior to the tax certificate sale, the Tax
Collector must advertise the delinquent taxes for
3 consecutive weeks in a local newspaper of
general circulation. The amount of the
certificate is the sum of the unpaid real estate
tax and the non-ad valorem assessment, including
3% interest for April and May, and 5% Tax
Collector's commission and advertising costs.
Bidding on the certificates starts at 18% interest
and is bid down until the certificate is sold.
Interest is paid at the rate of the winning bid.
When a tax certificate is redeemed and the
interest earned on the face amount is less than
5%, a mandatory charge of 5% interest is due. The
person redeeming the tax certificate pays the
interest rate bid or the mandatory charge,
whichever is greater.
Tax certificates are dated as of the 1st day of
the tax certificate sale and expire after 7 years.
Any tax certificate can be canceled or reduced if
errors, omissions, or double assessments are made.
If a tax certificate is canceled or reduced, the
interest earned on the canceled or reduced amount
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