According to the Miami Dade County Commission agenda: "The property was acquired through forfeiture action on April 10, 2007 by the Public Corruption Investigation Bureau (MDPD Case No. PD060727385574). By court order, the County has been authorized to dispose of said property and to satisfy two encumbrances against the property." They also seized over $245,000 in bank accounts.The property orginally sold on 6/2005 for $460,000. Encumbrances of $306,630 exist on the property. If the property was worth what it was in 2005 that would mean there is $153,375 worth of equity in it. However, according to the county the appraised value is now $430,000 (In their dreams I think). If approved for surplus by the County Commission, the property "will be sold via sealed bid for no less $387,000.00 which represents 90% of its fair market value, as established by an independent state-certified appraiser." It looks like the county could make about $80,000 after the debt is paid off -- if all goes as planned.
Here is what the County says is the fiscal impact of selling this surplus property: The sale of this property will reduce the County’s annual expense for maintenance; eliminate the County’s liability, and put the property back on the tax roll, which will generate approximately $7,059.00 in annual tax revenue. Liar. The taxes paid in 2007 were 7059.01. They are not going to get the same taxes on a lower sales price.
2 comments:
$387K is probably still overpriced. I think I'll wait - its a buyers market!
It seems to me that because of our incredibly screwed up property tax system, that a first-time buyer probably WOULD pay more taxes on a lower priced home than the original owner paid on the original value.
Someone moving in from a home they lived in for 20 or 30 years will pay less regardless of the appraised value.
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