Taxation & Estate Planning

Tax Overbids and Excess Proceeds

By Long H. Duong

We handle many Florida probate cases for claiming tax overbid or excess proceeds. But what are they exactly?

Overbids or excess proceeds usually refer to the excess “profit” on real estate that has been sold at a tax auction. The usual case is where a property owner has failed to pay the property taxes to the point where the taxes due are so delinquent that the county must take action. The county will auction off the real estate and every cent in excess of the actual tax liability (plus penalties and administrative costs) is considered the “overbid” or “excess proceeds” from the sale or auction.

(more…)

Share This

Full post as published by WeProbateFlorida.com on July 26, 2007 (boomark / email).