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A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF POMPANO BEACH, FLORIDA, AUTHORIZING THE CITY MANAGER OR HIS DESIGNEE TO SUBMIT BIDS NOT TO EXCEED $75,000 FOR PROPERTIES LOCATED IN POMPANO BEACH BEING SOLD BY BROWARD COUNTY AT TAX DEED AUCTION; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: N/A)
staffcontact
(Staff Contact: Cassandra LeMasurier)
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Summary Explanation/Background:
Broward County conducts an online tax deed auction monthly for properties with outstanding tax certificates after a tax certificate holder submits a tax deed application. A successful bidder receives a tax deed in the form of a tax deed title to the property.
Many of the properties being sold at auction for unpaid taxes are blighted properties, such as vacant lots, with code enforcement and nuisance abatement liens and fines. These properties are purchased investors, many of which continue to not pay taxes or maintain the properties to bring them into compliance. The properties then end up with outstanding tax certificates and are sold at tax deed auction multiple times in an endless cycle and remain blighted with the City incurring costs to perform nuisance abatement services. In order to remediate the blight, return the properties to the tax roll and avoid ongoing nuisance abatement costs the City can purchase these properties to be developed as affordable housing, parks and greenspace, city facilities, other unspecified public purposes or to be held for the future needs of the City, at a lesser cost than an outright purchase.
The auction process requires bidders to register and deposit a minimum of 5% of the total bid price or $200 to their account at least three (3) business days before the auction. The winning bidder must pay the amount bid and documentary stamp taxes of $.70 per $100.00 of the bid total by 11:00am the business day following the sale. If final payment is not made by 11:00am the business day following the sale, the deposit and property are forfeite...
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