Delinquent Property Tax
There Are Stiff Penalties For Delinquent Property Tax
When property taxes become delinquent this means that they have not been paid. When this happens there are penalties to pay. One helpful point is that there are installment plans to pay the delinquency taxes. Property taxes can be left unpaid for five years after that time your property can be sold. A public auction will be held and it will be sold there or it can be purchased by a public agency. In order to receive the property back before any of this occurs simply pay the taxes on it. In order to have property returned, the delinquency must be paid. Each year of delinquent property taxes must be paid in full. By this time a 10% penalty is imposed on each unpaid installment. There is a $10 administrative charge placed on each year the taxes remain delinquent. These are monthly penalties which amount to 1 ½ % of the unpaid taxes which have been kept up to date and a $15 payment is charged as a redemption fee (a fee required in order to reclaim the property). In order to know the cost of redeeming the property the delinquency property tax owner can enquire information from the Treasurer & Tax Collectors Office. If a person arranges to make installments and the first one is not received by the due date at the Treasurer & Tax Collectors Office by the date and time a 10% delinquent penalty is placed on the account. A 10 % administrative charge is placed against the account as well. The same penalties and charges are implemented if any subsequent supplemental tax bill installment isn’t paid by the delinquent date. If the property taxes or any portion remains delinquent after the final pay date the account goes into default. Extra penalties are applied to the unpaid tax amount. If a property remains delinquent the owner will lose it. An attorney may be helpful at this time. If you have a subprime mortgage loan make sure that it has provisions for a monthly escrow payment for annual taxes. Under current law in Florida, Ca, La, Indiana, and Nevada, public certified auctions are held to sale properties with unpaid taxes on them. The owner then has two years to remit payment to the investor for the delinquent property tax. In addition the owner must pay an interest of 0 to 18 percent. In Florida the lowest bidder at the auction is the investor who obtains the property. This is used as a safety net to protect the homeowners. If taxes are paid before the two years has passed the owner reclaims the property. If it isn’t paid the investor can sale the property at a tax deed sale auction. Under Minnesota law a delinquent property tax home owner can not receive a refund or rebate from local government. There is a proposal that in 2008 the refund be issued and be used to pay delinquent taxes.
|