Tax collector to use Internet bidding at tax sale

The St. Johns County Tax Collector’s Internet Tax Certificate sale is scheduled for June 1, 2010, beginning at 8:00 a.m., and will continue to June 2, if necessary, according to a report received by Historic City News this morning.

Investors will bid on the interest they earn for individual certificates starting at 18 percent and bidding down. The lower the bid, the less money it will take the owner to redeem the property.

“The Internet increases the competition and enlarges the bidder base substantially,” said St. Johns County Tax Collector Dennis W. Hollingsworth, CFC. “The liability potential on disputed bids is lessened because the Internet records the timing of bids to the millisecond. The primary benefit to the property owner, however, is more bidders will bid lower interest rates on the certificates.”

The certificate process also allows property owners the opportunity to retain their property while securing revenue to the local governing authority to continue services and meet their proposed budgets. The certificate process also provides property owners an additional two years after their taxes become delinquent, to provide adequate time to budget tax repayment, while the certificate holder earns interest on the owed amount until it is repaid.

Hollingsworth retained Indianapolis-based SRI, Inc., to provide the website and support for the sale. The website www.sri-auctionsonline.com will contain all registration materials and instructions, and will also link to important property information.

The Tax Collector and staff will conduct a tax certificate seminar beginning at 7 p.m. Thursday, May 13 in the St. Johns County Auditorium, 500 San Sebastian View, St. Augustine. This will allow interested bidders to view the Internet system firsthand, hear the rules of the sale, and obtain registration information. Anyone interested in participating in the tax sale is strongly encouraged to attend this seminar.

For additional information, please visit www.sjctax.us or call (904) 209-2250.