Real estate taxes become delinquent each year on April 1st. Delinquent taxes may be paid after this date, however the date payment is received by the Tax Collector, determines the amount due. Payment should be made in the form of cashier's check, money order or cash.
Florida law requires the Tax Collector to advertise the delinquent parcels in a local newspaper once a week for three consecutive weeks, prior to the tax certificate sale.
Beginning on or before June 1st, the Tax Collector as required by law, holds a tax certificate sale. Most tax certificate sales in Florida are conducted on-line. The sale allows investors to buy tax certificates by paying the owed tax debt. The sale is conducted in reverse auction style with participants bidding downward on interest rates starting at 18%. The tax certificate is awarded to the lowest bidder. A tax certificate earns a minimum of 5% interest to the investor until the interest has accrued to greater than 5%, with the exception of "zero" interest bids, which always earn "zero" interest. Click the following for a link to the tax certificate sale gadsdenfl.realtaxlien.com/
A tax certificate, when purchased, becomes an enforceable first lien against the real estate. The tax certificate holder is actually paying the taxes for a property owner in exchange for a competitive bid rate of return on his investment. In order to remove the lien, the property owner must pay the Tax Collector all delinquent taxes plus accrued interest, penalties, and advertising fees. The Tax Collector then pays the certificate holder for the redeemed tax certificate(s).
A tax certificate is valid for seven years from the date of issuance. The holder may apply for a tax deed two years after the date of delinquency for that particular year's taxes. If the property owner still fails to pay the tax debt, a tax deed (property) is sold at public auction. The tax deed purchaser is entitled to immediate possession of the property.