Frequently Asked Questions

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FAQ: FAQ

How am I entitled to money after my property was seized and sold at an auction?

A property with unpaid taxes is listed as tax delinquent property. When the property taxes and/or mortgage payments are missed, the property is foreclosed and sold at an auction.

In the event of a Tax Deed or Mortgage foreclosure, the county holds a foreclosure auction on your property due to unpaid taxes or Mortgage. The opening bid at this auction is for the amount of taxes or mortgage that is owed.

These properties sell for an amount that is higher than the opening bid. Any profit remaining is due to the previous owner.

What is tax overage or excess proceeds?

Tax overage and Excess Proceeds refer to the profit from foreclosure auctions.

For instance, let's say a home was foreclosed because owner could not pay the property taxes due to financial difficulties.

$5,000 was owed in property taxes.
Auction opening bid would be $5,000
Winning bid was $55,000
Excess proceeds is $55,000 minus $5,000 equal $50,000.
The $50,000 money rightfully belongs to the previous property owner and any lienholders.
Excess proceeds have an expiration date. It can expire one year from auction date to five years. Any money unclaimed goes to government general funds. Please act fast!