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Chapter 197.4 (of Title XIV) of the Florida Statutes applies to tax lien sales which provide liquidity to counties in lieu of actual taxes (investors are allowed to bid on and purchase tax lien certificates, which upon payment of the tax are repaid with interest to the investor).
A tax sale is the forced sale of property (usually real estate) by a governmental entity for unpaid taxes by the property's owner.. The sale, depending on the jurisdiction, may be a tax deed sale (whereby the actual property is sold) or a tax lien sale (whereby a lien on the property is sold) Under the tax lien sale process, depending on the jurisdiction, after a specified period of time if ...
To provide liquidity to counties when tax bills are not paid, Florida operates under the tax lien sale process, whereby liens are sold for the amount of back taxes, interest, and costs. In Florida, bidders bid on the rate of interest (beginning at 18%) they will accept; the bidder offering the lowest rate is awarded the tax lien certificate.
A tax lien is a legal claim placed on a home for taxes owed--and the lien is sold to an investor that can earn interest when collecting on the lien. The lien stops a homeowner from selling or ...
“It’s a 50% penalty on that tax lien plus 15% annually,” he explained. “It’s a stiff penalty, and it’s designed to be such.” He added that the tax lien is now at more than $70,000.
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