As tax certificate auctions closed around Florida, counties reported record numbers of bids, sales and revenues. Counties sold as much as $12,000,000 more in tax certificates than last year. Interest rates were also lower than previous years, helping the distressed taxpayer.
With more than 26,000,000 bids on delinquent properties, Hillsborough County set the record for all Realauction counties. The more bids, the lower the interest rate paid by distressed taxpayers. This proved true this year, as Hillsborough and Pinellas counties showed a weighted average interest rate of .29 percent and .30 percent respectively.
"Our software is designed to efficiently process millions of transactions, and it came through with flying colors," Realauction CEO Lloyd McClendon said. "The Web-based auction software proved so easy to use that our customer service department had a record low number of calls."
Counties going online for tax certificate auctions save thousands of dollars in staff time and resources that previously were dedicated to holding live auctions. Every county holding an online auction plans to make it the standard for tax certificate sales. The process is easy to manage, and provides custom reports for each county.
