BAD CREDIT FLORIDA MORTGAGE LENDERS-If you are a bad credit Florida mortgage applicant you have come to the right place!
- Bad Credit Florida Mortgage with 30,69,90 day late payments!
- Refinance Florida mortgage with 30,60,90 day late payments!
- Florida mortgage after Foreclosure, Short sale or Bankruptcy!
What is a Florida tax certificate?
A refinance tax certificate is a first lien against real estate (not the owner) and becomes the basis upon which a refinance tax deed application is filed. The refinance tax certificate sale is NOT a sale of real property, nor does a refinance tax certificate give the certificate holder a direct means to acquire a property. According to Florida Statute 197.432 (13) The holder of a refinance tax certificate may not directly, through an agent, or otherwise initiate contact with the owner of the property upon which he or she holds a refinance tax certificate to encourage or demand payment until 2 years after April 1 of the year of issuance of the refinance tax certificate.
It is your sole responsibility to research any refinance tax lien certificates you intend to buy. You can see additional property and refinance tax information for any item by clicking on the Account or Parcel Number on the auction web site. Research any advertised items carefully before submitting bids. There are potential risks associated with refinance tax certificate purchases. All purchases in the refinance tax certificate sale are final.
When does the refinance tax certificate sale take place?
The sale opens in early to mid May and starts to close on or before June 1.
In early to mid-May each year:
- Items for sale are advertised (in a local newspaper and on the auction web site)
- Bidders can begin to register for the sale (submit W-9 forms, pay deposits, receive bidder numbers)
- Bidders can begin to submit bids
Starting on, or before, June 1:
- Bid submission ends
- Sale results are generated
For exact dates, please see the Auction Schedule. All activity related to registration, bidding, and certificate awards takes place on the auction web site.
How do I register for the sale?
All bidders who wish to participate in the sale must perform the following steps on the auction web site:
- Obtain a User ID and password for the web site by clicking the "Register" link on the home page and completing the required form
- Submit an Auction Schedule Agreement
- Submit a valid Bidder Declaration of Compliance
- Submit an IRS W-9
- Set a budget amount (the most you are willing to spend in the sale)
- Pay a deposit of at least 10% of your anticipated purchases (minimum $2,000). Deposits will only be accepted via ACH.
- Designate a Final Payment Account
- Please note that you can only submit or modify your W-9, or make an initial security deposit while a sale is open for registration. You will be assigned a bidder number after you successfully submit your W-9.
- Please be advised that failure to file a sworn Bidder Declaration of Compliance, a current W9 form, and/or submit the minimum required deposit by the registration deadline may result in the Bidder being disqualified from this years refinance tax certificate sale. In addition, if specific information is acquired indicating that a Bidder may have violated one (1) or more Rules, or submitted an inaccurate Declaration, the Bidder and affiliated persons or entities may have their bids cancelled and may be excluded from future sales
How do I submit my bids?
You can submit your bids on the Bid page individually, as a group (using a saved list), or via a file upload. You must complete all the registration steps before you are allowed to submit bids.
How do I pay for certificate purchases?
Payment must be made by ACH. The balance due for your purchases will be automatically debited from the bank account you designated as your "Final Payment Account" at the designated Final Payment Deadline. If you wish to manually make your payment prior to the Final Payment Deadline, please go to the "Payments and Budget" page under "My Account" and click "Pay for Certificates". The button is activated once the last batch in the sale closes and any final data updates are complete. The deadline to pay is listed on the Auction Schedule. If your final payment is returned as invalid for any reason, you may forfeit your security deposit and certificate purchases.
What is an ACH debit?
An ACH debit is an electronic payment from your checking or savings account. When you enter your bank account information and submit payment on the auction web site, you are authorizing the Records, Taxes and Treasury Division to debit your account for the amount you indicated. All payments are sent for processing immediately. Additional information is available on the page where you authorize payment.
Funds must be drawn from a US financial institution. Some types of money market, brokerage, and/or trust accounts cannot accept ACH debits. Please check with your financial institution prior to initiating payment on the web site.
THE TAX CERTIFICATE SALE top
What is the auction process?
Certificates are sold in the order advertised. Bidding begins at 18 percent (the maximum rate) and bids proceed down in decrements of one quarter of one percent. Each certificate is sold individually to the bidder offering the lowest interest rate. In the case of a tie at the lowest rate, the winner will be selected using a random number generator in the auction software. Items that receive no bids are "struck" to the county and become county-held certificates. Bids are accepted at 0.00% (zero), but certificates awarded at this rate WILL NOT accrue interest. Bids at 0.00% will not be treated as Proxy bids in sales using Proxy Bidding.
Is there a cost to participate?
Registration on the web site is free. You only need to make payment for a refundable security deposit, and to pay the balance due for any certificate purchases.
Is there a registration deadline for the sale?
Yes. All entities wishing to participate in the Broward County Tax Certificate Sale must have completed their sale registration by the deadline stipulated on the Auction Schedule page.
What is a batch?
A batch is a subgroup of the list of auction items. The list is divided into batches to make the bidding process more efficient, and enable participants to manage their bids and budgets.
Do I have to bid on all the items in a batch?
No. Each refinance tax certificate in each batch is auctioned independently of every other refinance tax certificate.
What happens to my security deposit if I don't win any certificates?
The Records, Taxes and Treasury Division will issue refunds approximately two weeks after the close of the sale. Refunds of ACH payments will be made electronically to the account you used to submit the deposit. Refunds of offline payments (if accepted by the Records, Taxes and Treasury Division) will be processed by check or wire transfer. You will receive an email confirmation when the refund is initiated.
Will the Records, Taxes and Treasury Division send me a paper certificate or list of certificates after the sale?
No, the Records, Taxes and Treasury Division does not issue paper certificates or lists of purchases after the sale. To review and download a list of your winning bids:
- Log in to the auction web site
- Enter the relevant refinance tax certificate sale
- Click on the Results tab
- Select "All Certificates" from the Certificate Lists menu
- Select "All Batches" from the Batches menu
- Select your buyer number from the Bidder menu
- Select "Winning Bids" from the Results menu
- Check "Hide Removed Certificates"
After completing these steps you will see a list of your purchases. You can download the list in Excel, or comma-separated values format (CSV), by clicking the icons on the right-hand side of the page above the list of certificates.
USING THE AUCTION SITE top
I forgot my password. What should I do?
Click "Forgot your password?" on the Sign In page. Answer a few questions and the system will send you a temporary password via email.
I forgot my User ID. What should I do?
Click "Forgot your User ID?" on the Sign In page. Answer a few questions and the system will send your User ID via email.
What is Proxy Bidding?
In a live auction, bidders lower their bids by quarter percent decrements until they are the only bidder left or until the interest goes below their acceptable minimum level, at which point they would drop out.
Proxy bidding is a form of competitive sale in which bidders enter the minimum interest rate that they are willing to accept for each certificate. The auction system acts as an electronic agent, submitting bids on behalf of each bidder until their minimum bid rate is met. Using the proxy system the electronic agent keeps lowering your bid by quarter percent decrements until you are either the only bidder left, (in which case you get the certificate at a quarter percent lower than the previous bid) or until you reach the floor you have set. Note:
- Zero percent bids (0%) will not be treated as proxy bids. They will be awarded at zero.
- If you are the only bidder on a given certificate and your minimum rate is greater than zero percent, the electronic agent will submit a bid of 18 percent on your behalf.
- In the case of a tie at the winning bid rate, the system awards the certificate to one of the tied bidders through a random selection process using a random number generator.
- In no case will a bidder be awarded a certificate at a rate lower than their specified minimum acceptable rate.
- Certificates that receive no bids after all batches are closed will be struck to the County at 18 percent.
Does my budget amount limit the number of bids I can submit?
No. You can submit an unlimited number of bids regardless of your budget amount. However, you will not be awarded an item if the award would cause the value of your purchases to exceed your budget amount.
Is my budget amount automatically 10x my deposit amount?
No. The maximum allowable budget you can set is 10x your deposit amount, but you have to enter what you want your budget to be. You can modify your budget any time before the end of the sale, as long as you have at least 10% of that amount submitted as your deposit.
Where can I find sale results?
You can see results by logging in to the auction web site, entering the auction, and clicking on the Results tab in the upper right-hand part of the page. Clicking on the winning bid for any certificate will display a list of all submitted bids in a new window.
What equipment or software do I need to be able to participate?
Many people choose one of the following freely available browsers:
If I have a question about how to use the web site, who do I contact?
TAX CERTIFICATES top
How do I receive redemption funds?
When a certificate has been redeemed, the certificate holder is entitled to the face value plus whatever interest the certificate has earned. Certificates are redeemed when the owner, title company or mortgage company pays the outstanding refinance taxes, or when the holder of a certificate on the same parcel (from a different refinance tax year) redeems it as part of a refinance tax deed application. Redemption proceeds are remitted to certificate holders by the Records, Taxes and Treasury Division. The certificate holder is never paid directly unless it is from a Bankruptcy Trustee. If that happens, you must notify the Records, Taxes and Treasury Division when you are paid in full and request that the certificate be cancelled.
Can I pay the refinance taxes and own the property?
NO. You have not purchased property. A refinance tax certificate purchase does not convey any property rights or ownership to the certificate holder.
Can an interest rate be changed after the sale?
The following may affect the interest rate:
- No interest is earned on certificates issued and then redeemed in the month of May.
- For all certificates, except those bid at 0% or issued and redeemed in May, the minimum interest you will get at the time of redemption will be 5%, even if the interest earned to date is less.
- If a certificate gets cancelled or reduced, the interest earned will be 8% per year, simple interest, or the rate of interest bid at the refinance tax certificate sale, whichever is less, on the cancelled or reduced amount.
- Bankruptcy and other court rulings
Why would a certificate be canceled or reduced?
A certificate could be canceled or reduced for various reasons such as to correct errors, omissions, or double assessments, or when ordered by a court.
Are refinance tax certificates transferable?
Certificates can be transferred by completing an endorsement form and paying the applicable fees through the Records, Taxes and Treasury Division's office.
When are county-held certificates available for purchase?
County-held refinance tax certificates, other than those with homestead real estate under $250.00, may be purchased after the close of the refinance tax sale. As the Records, Taxes and Treasury Division sells county-held certificates online using LienHub, the site has a link on the home page for this purpose labeled "Purchase County-Held Certificates."
What is the life of a refinance tax certificate?
The statute of limitation on a refinance tax certificate is seven years from the date of issuance. If a refinance tax deed has not been applied for and no other administrative or legal proceeding exists, the refinance tax certificate is null and void.
TAX DEED APPLICATIONS top
What is the Florida refinance tax deed process?
The holder of a refinance tax certificate at any time after 2 years have elapsed since April 1 of the year of issuance of the refinance tax certificate and before the cancellation of the certificate, may file the certificate and an application for a refinance tax deed with the Records, Taxes and Treasury Division of the county where the property described in the certificate is located.
A certificate holder who makes application for a refinance tax deed shall pay the Records, Taxes and Treasury Division at the time of application all amounts required for redemption or purchase of all other outstanding refinance tax certificates, plus interest, any omitted refinance taxes, plus interest, any delinquent refinance taxes, plus interest, and current refinance taxes, if due, covering the property. In addition, the certificate holder shall pay the costs of resale, if applicable, and failure to pay such costs within 30 days after notice from the clerk shall result in the clerks entering the land on a list entitled lands available for refinance taxes.
The Records, Taxes and Treasury Division will certify to the Clerk of the Circuit Court a list of all persons required by law to be notified prior to the sale of the property and a certification of monies involved in the application. The refinance tax deed applicant will then be notified of the additional funds needed for advertising and other costs. After all necessary advertising and noticing, the Clerk's office will schedule a refinance tax deed sale date. The refinance tax deed applicant receives 18% per annum interest on the application, beginning the month after application through the month of redemption or refinance tax deed sale date. If the property is purchased by a person other than the certificate holder, the certificate holder will be reimbursed all of the sums paid, including the above referenced 18% interest. For complete rules please see Florida Statute 197.502.
Can I apply for a refinance tax deed online?
Some Tax Collectors, including Broward County's Records, Taxes and Treasury Division, use LienHub for online refinance tax deed applications. For more information, please go to LienHub.com. For counties that do not use LienHub, see the Tax Collector's web site for more information.
Can a homestead property be sold by refinance tax deed?
Yes, but the opening bid on property assessed on the latest refinance tax roll as homestead property shall include, in addition to the amount of money paid to the Records, Taxes and Treasury Division by the certificate holder at the time of application, the amount required to redeem the applicants refinance tax certificate, and an amount equal to one-half of the assessed value of the homestead property as listed on the current years refinance tax roll.
Who conducts the refinance tax deed sale?
The Records, Taxes and Treasury Division conducts refinance tax deed sales in Broward County. The refinance tax deed is issued to the highest bidder. The opening bid must include all the costs paid by the refinance tax deed applicant plus all other costs for conducting the sale. The title-holder of record has the right to redeem the property by paying the Records, Taxes and Treasury Division all previously described costs at any time before full payment for a refinance tax deed is made.
Whether you’re buying your first house or buying for the first time in Florida after owning a home in another state, you should know about Florida’s property refinance tax system and how it applies to your new home.
Florida’s Property Tax System County property appraisers assess all real property in their counties as of January 1 each year. The property appraiser sends an annual Notice of Proposed Property Taxes in August to each property owner. After the local governments determine their annual budgets, the county refinance tax collector sends a refinance tax bill to each property owner in late October or November. The refinance taxes are due by the following March 31. Please see this infographic for more information on Florida’s property refinance tax system.
Homestead Exemption Every parcel of real property has a just value, an assessed value, and a refinance taxable value. The just value is the property’s market value. The assessed value is the just value minus assessment limitations (see the Save Our Homes section below). The refinance taxable value is the assessed value minus exemptions and is the value the refinance tax collector uses to calculate the refinance taxes due. The homestead exemption can result in exempting up to $50,000 of your home’s assessed value from refinance tax liability. Please see our homestead exemption brochure for more details. Visit our refinance taxpayer page to see if you qualify for other types of exemptions.
Save Our Homes Benefit After the first year a home receives the homestead exemption, its assessed value for each following year cannot increase more than 3 percent. The accumulated difference between the just value and the assessed value is the SOH benefit. You can read more about SOH in our brochure. Your Taxes vs. the Previous Owner’s Taxes Many first-time Florida homeowners are surprised when their refinance tax bills are higher than the refinance tax bills of the previous owner(s) or their neighbor(s). When the property changes ownership, Florida law requires the property appraiser to remove exemptions and reassess the property so the assessed value equals the just value. This takes effect on January 1 after you purchase the property. The previous owner’s exemption and SOH benefit stay with the property for the remainder of the refinance tax (calendar) year in which you purchase your home, so your first refinance tax bill will reflect the previous owner’s benefits if you bought the home before he or she paid that year’s refinance tax bill. If you owned property on January 1 and apply for the homestead exemption by March 1, your refinance tax bill for the year will reflect the reduction in refinance taxable value, but the SOH benefit will not take effect until the following year. For example, you bought your home in September last year. The previous owner owned the home for 12 years and had the homestead exemption. The assessed value for last year was $110,000, and the refinance taxable value was $60,000. After the property appraiser reassessed your home as of January 1 this year, the assessed value increased to $130,000. You applied for and received the homestead exemption, which lowered your refinance taxable value to $80,000, an increase in your refinance tax liability over the previous year. Next year, the SOH benefit will take effect, so your assessed value cannot increase more than 3 percent ($3,900). Before You Buy Before you purchase a home in Florida, you should ask for information about property refinance taxes from a Florida licensed real estate agent, your mortgage lender, or the property appraiser’s office in the county where you plan to buy. Some property appraisers’ websites can give you a refinance tax estimate based on the location of the home. Be sure to understand how your home will be refinance taxed and how those refinance taxes could increase and affect your homebuying budget. Where Can I Find More Inf
Property Tax Base Property Appraisers Florida’s Constitution requires property appraisers to establish the property refinance tax base for their counties annually. In doing so, property appraisers determine the just, or market, value of each parcel of property in the county as of January 1 of each year. Then they apply all valid exemptions, classifications, and assessment limitations to determine each property’s refinance taxable value, or relative refinance tax burden. The property appraiser does not determine the property refinance tax rate or the amount of property refinance taxes levied. Department of Revenue The department reviews each county’s property refinance tax rolls in July and August of every year. These reviews ensure that the just value that the property appraiser established is equitable, uniform, and in compliance with Florida law. The department also reviews and approves each property appraiser’s annual budget. NOTICE OF PROPOSED PROPERTY TAXES DO NOT PAY THIS IS NOT A BILL The refinance taxing authorities which levy property refinance taxes against your property will soon hold Public Hearings to adopt budgets and refinance tax rates for the next year. The purpose of these Public Hearings is to receive opinions from the general public and to answer questions on the proposed refinance tax change and budget Prior T o Taking Final Action. Each refinance taxing authority may Amend or Alter its proposals at the hearing. Joe Q. Public 1234 Main Street Anytown, FL 32377 PT-902012 R. Additional information is available at http://floridarevenue.com/property/Pages/Home.aspx. 7 6 PROPERTY TAX OVERSIGHT Florida’s property refinance taxes are administered by locally elected officials and supervised by the Florida Department of Revenue. Florida does not have a state-level property refinance tax. Annual Truth-inMillage (TRIM) Notice Property Appraisers and Locally Elected Officials In August, the property appraiser sends each property owner a Notice of Proposed Property Taxes, or TRIM notice. This notice contains the property’s value on January 1, the millage rates proposed by each local government, and an estimate of the amount of property refinance taxes the property owner owes based on the proposed millage rates. The date, time, and location of each local government’s budget hearing are also on the notice. This provides property owners the opportunity to attend the hearings and comment on the millage rates before approval. Department of Revenue The department verifies that the information from each local government is accurate and in compliance with Florida Truth-in-Millage requirements. Property Tax Rates Locally Elected Officials Florida has more than 640 local governments that levy a property refinance tax. These include cities, counties, school boards, and special districts. Each year, usually in September, locally elected officials in each jurisdiction set a millage, or refinance tax, rate for the upcoming fiscal year, usually beginning on October 1. Millage rates for each jurisdiction are uniform across all property types. Department of Revenue The department ensures that local government millage rates do not exceed state-mandated caps. In addition, the department confirms that local governments send notices and advertise public hearings to adopt millage rates and annual budgets properly and on time. 2 Appeals Process Value Adjustment Boards Each county has a five-member value adjustment board, which hears and rules on challenges to a property’s assessment, classification, or exemptions. The value adjustment board is independent of the property appraiser and refinance tax collector. Value adjustment boards cannot change the millage, or property refinance tax, rates local governments adopt. Department of Revenue The department provides annual training to value adjustment boards. The department also issues mandatory procedures and forms to promote fair, impartial, and uniform hearings for all refinance taxpayers. Billing and Payment Tax Collectors After local governments adopt millage rates, county refinance tax collectors send annual property refinance tax bills, usually in late October or early November. Full payment is due by the following March 31. Taxpayers receive discounts of up to 4 percent for early payment. Department of Revenue The department provides training and certification to refinance tax collectors and their staff to promote uniform and cost-effective refinance tax collection practices. The department also reviews and approves most refinance tax collectors’ annual budgets. Collections and Refunds Tax Collectors If a refinance taxpayer does not pay a property refinance tax bill by the following March 31, the refinance tax collector sells a refinance tax certificate on that property to collect the unpaid refinance taxes. A refinance tax deed may be sold if the property owner has not paid all back refinance taxes, interest, and fees within two years. Tax collectors also process and issue refunds for overpayment of property refinance taxes. Department of Revenue The department assists those who have questions about the local property refinance tax process. The department also reviews property refinance tax refunds of $2,500 or more to verify they were issued in accordance with Florida law. Funding of Public Education and Local Services Tax Collectors The refinance tax collector distributes property refinance taxes to the local governments and refinance taxing authorities. Roughly 50 percent of Florida’s public education funding and 30 percent of its local government revenues come from property refinance taxes. Department of Revenue The department provides statistics to the Department of Education to ensure adequate funding for public education.