Randolph makes effort for Delinquent Property Owners to keep property
Delinquent property owners still have time to pay their taxes
ORANGE— The Orange County Tax Collector’s office will begin the 2014 Tax Certificate Sale starting Friday, May 30th at 9:00 AM and ending the same day at approximately 4:00 PM. The Orange County Tax Collector’s office would like to remind all delinquent property owners that they can still pay their taxes plus accrued interest and advertising cost until Friday at 5pm, in which case the tax certificate will be issued back to them without a tax lien, and a reimbursement will be issued to the bidder.
“We see a lot of property owners pay their delinquent taxes during the week leading up to the tax certificate sale,” says Orange County Tax Collector Scott Randolph. “The last newspaper advertisement for this year’s sale was Monday, May 26th and at that time we had 24,439 parcels up for certificate sale. In the past two days, we saw over 5,000 of those parcels have their delinquent taxes paid by the owner. This is the ideal situation because we want people to be able to keep their property, and still maintain fairness in the tax system.”
Real Estate taxes become delinquent on April 1st of each year. After which, the parcels are advertised in the local newspaper for three consecutive Mondays and a tax certificate sale takes place for the unpaid taxes on each parcel of property. The sale is operated on a competitive bid basis with interest bids beginning at 18% and progressing downward. When a certificate is sold against a piece of property, the successful bidder pays the delinquent taxes on that property and holds a certificate which constitutes a first lien against the property.
In addition to promoting property owners keeping their parcels, Mr. Randolph has also made efforts to boost the local economy for local investors by instituting a Single Simultaneous Bidding Entity Policy. This policy helps level the playing field for small investors by allowing only one employer identification number (EIN) per bidding entity. This will curtail Wall Street hedge funds and financial institutions from having an unfair advantage in the bidding process by creating shell corporations and obtaining millions of EINs used to bid on tax certificates, ensuring only a handful of bidders will win.