| UNCLAIMED FUNDS The Florida Bureau of Unclaimed Funds is a repository for assets such as bank accounts, life insurance cash values, stocks, bonds, etc. that haven't been claimed. If you believe an estate may have assets held by the state of Florida, or have been notified as such, you can log onto the Bureau of Unclaimed Funds here to conduct a search. If assets are discovered in the estate you may be told a court order (most often a probate administration ) is required in order for the Bureau to disperse fund to the heirs. Another less frequent occurrence are funds that result from the sale of real property for delinquent taxes. These funds are held by the county in which the property was sold (see below).
CLAIMING TAX SALE OVERBIDS OWED TO THE ESTATE
(NOTE: This is a simplified explanation. If you own Florida property or are an heir to a Florida property with delinquent property taxes, you should consult with an attorney as soon as possible concerning your options.)
In Florida, when real property taxes go unpaid, counties are required by law to hold a public auction at which revenue is raised by offering tax lien certificates to bidders. Tax lien certificates must be held a minimum of two years before they can be redeemed. The tax lien certificate that is redeemed is then re-offered by the Clerk of Court's office at a tax deed sale. When this happens, for all intents and purposes, the ownership of the property passes to the highest bidder.
The amount the winning bid exceeds the back taxes (and other costs) may be, and often is, thousands of dollars in excess of the amount actually owed. This excess is called the "overbid" or "overbid proceeds." Under Florida law, (F.S. 197.582), overbid proceeds are to be paid to the previous property owner.
If you are an heir and receive notice that overbid proceeds are being held for claim by the estate, you will probably need to pursue a probate action in the county where the overbid proceeds are located. Once the probate action is completed, the county attorney will review your claim and authorize release of the funds by the Clerk of the Court's office.
It is important to recognize that there is a statute of limitations on the recovery of tax deed overbid funds. Typically 90 days after the sale of the property, the county clerk forwards the overbid proceeds to the Board of County Commissioners, and if the overbid proceeds are not claimed within two years of this date, they become the property of the county.
If you have received a notice from a Florida County Clerk of the Court that tax sale overbid proceeds are being held for claim by an estate and would like to discuss your situation as well as our fees for your case, please e-mail us, Dawn@MyFloridaProbate.com or call toll-free, 800-658-1518, or locally within Citrus County, at 726-5444, with the specifics to discuss your options in greater detail.
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