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Friday, June 25, 2010

Delinquencies Up 18% In 2009 Tax Roll

Sign of difficult times
The tax certificate sale for the 2009 tax roll delinquencies is now history, and the 2010 tax certificate sales process is completed. Tax Collector Sherry Brown states that the internet sales system worked very smoothly again this year. The process of conducting the certificate sale on line was initiated last year. This year there were 108 registered bidders for the sale, with 61 successfully entering bids. The average interest rate for sold certificates was 13.75 %.

The sales data for the 2007, 2008, and 2009 tax rolls is displayed below:

2007 2008 2009

Total Certificates Offered 2384 2879 3449

Value of Sold Certificates $961,156 $944,251 $1,399,369

Value of Unsold Certificates $139,765 $492,481 $ 290,749

Total Delinquent Tax Roll $1,100,921 $1,436,732 $1,690,118

This data demonstrates that more property owners had difficulty this year in paying their property taxes. The number of tax certificates up for sale showed an increase in delinquencies of + 20%. The total delinquent tax roll was up +18%, and the revenues realized from certificate sales was up +48%.

All certificates which were not sold in this sale will now be held by the county. They are available for purchase by the public from the tax collector’s office, and offer an 18% interest rate. The certificate holder must be paid with interest when the final disposition of the certificate or the property occurs. Certificates mature after two years, and the holder can then apply for a tax deed sale. These public sales are held on the steps of the court house after proper public notification and advertising has occurred. When the tax deed is sold at these auctions, all outstanding tax certificates are included in the minimum sales bid price.

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