PBC sells tax debt to investors

Palm Beach County sold $99.6 million worth of delinquent taxes in an
auction this week. The county ran an online sale attracting almost 2,500
investors from around the world. Investors pay the late bill to the county
on the delinquent taxes they purchase, then file a first lien on the
subject property, which takes priority over most loans, including
mortgages. The investors then get the original debt, in addition to
interest. “We’re seeing more bidders because people have money and where
else can you earn 5 percent?” said Craig McIntyre, vice president of
Realauction.com, which ran the sale. [Palm
Beach Post]