Things are heating up for investors looking to make some money off delinquent taxpayers. Each year, the tax collector is required to hold its tax lien certificate sale; it's when investors bid on certificates that are placed against properties until the owner pays their taxes. But that's not the only thing getting competitive.
Last year, the county paid $215,000 to advertise the certificates in the News Herald, so this time commissioners put it out to bid.
"We'll invoice about 46,000 on this job." Phil Lucas is the Editor of the Bay Bullet. A couple months ago, he and his tabloid style paper were awarded the contract. The deal will save the county about $170,000.
"You know all the money they save stays in this county, in the pockets of people who won property in this county," Lucas said.
Since its inception 5 years ago, the Bullet has seen great success, readership is up and they are competitive by nature. "We think we're the fastest growing paper in Florida in both distribution and circulation. We're in the game and we're here to play," Lucas said.
Certificate Sale Process
There are 8652 parcels with delinquent taxes, totaling nearly $11 million dollars. But what if your name is on the list?
"Even if the certificate gets sold the person can still come in and pay the taxes that are due, plus the interest. So they are not in any jeopardy of losing their property for two years," Bay County Tax Collector Peggy Brannon said.
Property owners will have two years to pay off their taxes, while incurring an interest rate of up to 18% a year. In addition, homeowners need to have certified funds since they are late.
If you're an investor and want to know how to bid on the certificates, visit the Tax Collector's Office at: http://tc.co.bay.fl.us/
Tax certificates will be awarded on Thursday, May 29th.