When a property is auctioned and sold at the tax sale, a delinquent property owner may be entitled to receive money, called an overage. An overage exists when the winning bid amount is more than the minimum bid. What this means is, if the winning bid on your property is higher than the minimum bid, then you are entitled to that excess money.
Here are the steps to claiming your overage money.
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Wait until after the redemption period is over, which is a year and one day after the tax sale.
- When the redemption period is over, file a claim for your overage money by completing the Overage Request Form and including all the requested documentation.
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Overage money is disbursed by check approximately 90 days after the title is transferred to the winning bidder.
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If you do not claim your overage money within five years of the tax sale, the funds are transferred to the County's general fund.
A few things you should know about claiming overage money.
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If the property is redeemed, meaning the delinquent property owner is keeping the property, the overage money is returned to the bidder with their bid money.
- Whoever owns the property on the last day of the redemption period is the person or entity entitled to the overage money.
Helpful Hints!
Whoever owns the property on the last day of the redemption period is entitled to the Overage money. If you sell your property during the redemption period, you will not be entitled to it so make sure to address that during closing.
There are "money finding" companies that look for delinquent property owners who are owed money and portray themselves as the only way to claim these funds. That is not correct and, even worse, they charge a significant fee to help you claim your overage money. If you've been contacted by a company like this, please contact our office before agreeing to or signing up for their services. Our services are free and we would be happy to help you navigate this process.