Over 6,000 delinquent parcels became solvent by their property owners.
By Jacob Engels
Orange County Tax Collector Scott Randolph is very happy with the results of his recent Single Simultaneous Bidding Policy (SSBEP). Below is a release from the tax collector’s office, sent by Amy Ritter – Randolph’s close advisor and Director of Communications. SIDENOTE – Ritter is arguably one of the BEST DRESSED bureaucrats in town. Teresa Jacobs would be wise to take some fashion notes from her.
Release from the Orange County Tax Collector —
The 2014 Tax Certificate Sale was held last Friday with 93 successful bidders purchasing tax certificates for 15,000 parcels at a combined property value of $36 million. This year, Orange County Tax Collector Scott Randolph instituted the Single Simultaneous Bidding Entity Policy (SSBEP), which brought the number of registered bidders from 2.4 million in 2013 to 140 in 2014. The SSBEP prevents hedge funds and major corporations from creating multiple sub accounts that crowd the bidding process and box out competition, which puts local and smaller investors at a disadvantage.
“By creating an even playing field in the tax system, we were able to see a healthy bidding process this year that encourages local companies to invest in Orange County,” says Randolph. “We also saw over 6,000 delinquent parcels became solvent by their property owners. The single bidder policy proves that we can create a fair system for both taxpayers and investors while running an efficient operation.”
By instituting this policy, local investors have an opportunity to successfully bid on land that they may want to improve for economic development. The SSBEP also reduces the number of properties that lie in limbo after out-of-state hedge funds successfully bid, then abandon the property, which in turn, reduces the number of properties that may revert to Orange County government when the hedge funds fail to pay future property taxes.
Jacob Engels, is the Founder of East Orlando Post & Seminole County Post. He is a seasoned political operative who has led numerous statewide political groups and has worked on several high-profile local, statewide, and national races. Jacob has been interviewed on national television & radio programs, with his work having been featured in the Orlando Sentinel, New York Times, Washington Post, Miami Herald and other publications nationwide. He can be reached at email@example.com