Do you owe property taxes back in Orlando, Florida? If so, you might face a property tax sale, also called a tax deed auction. Today, we will explain how the property tax sale process works in Florida and go over some options to stop a property tax sale in Orlando, Florida.
How The Property Tax Sale Process Works In Orlando, Florida
The property tax sale process for properties with unpaid taxes is handled according to Florida law, so it works the same way in every Florida county. It all starts when you don’t pay your property tax bill on time. Property taxes in Florida are due on March 31st of the following year. For example, your 2019 property taxes are due by March 31, 2020.
Tax Certificate Sale
If you don’t pay your property taxes by March 31st, the county tax collector will hold a tax certificate sale on June 1st. At the tax certificate sale, tax certificates are auctioned off for properties with delinquent taxes. A tax certificate entitles the certificate holder to the unpaid tax amount plus interest.
The tax certificates are auctioned according to interest rates. The auction starts with a high interest rate, and the interest rates drop with competitive bidding. The bidder willing to receive the lowest interest rate on the unpaid tax amount wins the auction.
Once a tax certificate has been sold for the property, the tax certificate holder must wait at least 2 years before they can apply to force a public auction of the property. During these 2 years, the property owner can come forward and redeem the property by paying off the unpaid taxes plus interest to the certificate holder. This means you still have time to stop a property tax sale in Orlando, Florida.
Property Tax Sale (Tax Deed Auction)
The tax certificate holder can apply for a forced public auction if the owner does not redeem the property within 2 years. This auction is called a tax deed auction or property tax sale. It is at this auction that the actual title of the property gets auctioned off to the highest bidder. Once the property title is auctioned off at the tax deed auction, you cannot stop a property tax sale in Orlando, Florida.
The proceeds of the tax deed auction will go to the tax certificate holder to pay off the unpaid taxes plus interest and fees. Any excess funds or overage will go to lien holders, if any. Any proceeds left over after the property taxes, interest, and lien holders have been paid are held by the county and can be claimed by the previous owner of the property.
Options To Stop A Tax Deed Auction In Orlando, Florida
There are not many options to stop a property tax sale in Orlando, Florida. The most straightforward thing to do is to pay the delinquent property taxes; however, that is not easy for some people.
Another option to stop a tax deed auction in Orlando, Florida, is to apply for a payment plan with the county. Of course, you’ll still need to be able to make the quarterly payments, but this can be a good option for people who cannot afford to pay the entire tax amount at one time.
If you cannot afford to pay the property taxes in full or make the quarterly payments on a payment plan, it may be time to consider selling the property. Depending on how far along the property tax sale process is, you may need to act quickly to avoid having the property auctioned off and sold on someone else’s terms.
If you need to sell your property quickly to stop a property tax auction in Orlando, Florida, we can help! We can pay cash for the property and close very quickly, in as little as 7 days! You won’t have to make any repairs, and we’ll pay all of your closing costs. There are also no fees or commissions to pay. Contact us using the form below to get the process started.
Why You Should Sell Your Property Before A Tax Deed Auction In Orlando, Florida
You may be wondering why you should sell your property to a cash home buyer like My Florida Home Buyers to stop a property tax sale in Orlando, Florida, when the excess sale proceeds are made available to you anyway. Great question!
The reason you should sell your property before it goes to a property tax sale in Orlando, Florida, is because you’ll almost always get more money in your pocket by selling the property yourself. Not only will you be able to sell the property on your terms, but the sale price will usually be higher. That’s because we’ll be able to inspect your property before making you an offer, so our offer will be more accurate and reflect the property’s actual value. The bidders at the property tax auction will always assume the worst since they cannot inspect the property before the auction, which means you won’t get as much money from the sale.
Need To Sell Your Property To Stop A Property Tax Sale In Orlando, Florida?
We can help stop a property tax sale in Orlando, Florida! Contact us today for a fast, no-obligation cash offer on your property. We can buy the property in its current, as-is condition. You won’t have to make any repairs or updates or even clean out the property. We can close in as little as 7 days to help you stop a property tax sale in Orlando, Florida. We’ll also pay all your closing costs, and there are no fees or Realtor commissions. Get started by using the form below!