FL Tax Deed Auction/Homestead Exemption
Can someone explain the purpose behind FL law that requires, in addition to paying up all the other tax lien certificates,interest, fees, etc., that a tax lien certificate holder deposit 1/2 of the latest assessed value on a property that has a homestead exemption when requesting a tax deed auction? Thanks.
[ Edited by beepbeep on Date 02/26/2006 ]
[ Edited by beepbeep on Date 02/26/2006 ]
As I understand FL law regarding tax deed auctions, the certificate holder does not have to deposit 50% of the assessed value when he requests a tax deed sale.
On a homestead property, tax deed bidding starts at 50% of the assessed value of the home to prevent delinquent taxpayers from losing their homes for a pittance.
[addsig]
Thanks for the response. I just read F.S. 197.502 again.
That was my only thought for a reason also. At first I thought it read homestead exemption ($25,000) , in fact, before revising that is what my post stated.
Ok. House assessed at $95,000. Two tax certificates, one for $1,236.00 the other at $1,306.00, interest of $281.78, sale costs of $350.
So opening bid which I should be able to cover at a minimum is $50,674.78. Correct?
So no mortgage. No IRS liens. Rainy day, no one shows up. I have a house.