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Can tax lien issues result in foreclosure?

Paying property taxes is a part of owning real estate in Florida, and if you fail to pay them, the outstanding debt can add up to some stiff consequences. The Miami Herald reports that instead of sending a delinquent account to collections, Miami-Dade County may sell it to a private investor. This allows the county government to ensure that the millions of dollars in unpaid property taxes will still be available to fund the budget.

If you have had difficulty paying the taxes on your real estate due to financial challenges, you are not alone. The rate of delinquency on this past year’s Miami-Dade County property tax was 6.2 percent on commercial and residential real estate, considerably higher than Palm Beach and Broward County rates, which were 4.6 and 2.7 percent, respectively. The value of the properties and the size of the county contributed to the collection of $164 million at the auction in 2015.

You may lose your Florida property if you are unable to pay your back taxes within the two-year time limit after an investor purchases the tax lien on your real estate. It is rare for the lien holder to gain property through this method, with the rate of forfeiture being less than 1 percent. But, he or she may still benefit substantially from this investment because you must also pay the interest on the taxes during the time allotted, which may be set as high as 18 percent. This information about tax lien issues is provided for educational purposes, and should not be interpreted as legal advice.

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Cuevas, Garcia & Torres, P.A.
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