Our clients benefit not only from the delinquent accounts we collect, they also benefit from our tax foreclosure sales.
Each parcel we sell is associated with a delinquent account. When an interested buyer purchases the parcel, he is likely to make it productive, stabilize or increase its value and pay the taxes assessed against it. When the County purchases it, as sometimes occurs because there are no other bidders, the County adds it to its surplus property. In either case, the sale clears the tax rolls of a delinquent account and boosts the tax collection rate.
Occasionally one of the parcels purchased by the County nets a substantial return when the county sells the parcel as surplus. This return can "finance" the program for many years to come. County expenditure on these purchases is a fraction of the value of these parcels.
The chart below illustrates the Total Benefit of the tax foreclosure programs for Wilson, Craven and Beaufort Counties by combining the Total Collected with the Total Purchased.
Click here for a copy of the spreadsheet that corresponds to this chart!
As you can see from the following chart, the Total Benefit of a Zacchaeus Legal Services tax foreclosure program was over $750,000 to Wilson County in its first year, over $850,000 to Craven County over a period of 3 and 1/2 years, and over $1,300,000 to Beaufort County over a period of 2 and 1/2 years!
Click here for a copy of the spreadsheet that corresponds to this chart!
Yet, the Total Cost to our clients was minimal. The chart below shows the total cost to Wilson, Craven and Beaufort Counties for their Zacchaeus Legal Services tax foreclosure programs, and these figures include the costs of purchasing any parcels they were required to buy as the opening bidder at tax foreclosure sales.
Click here for a copy of the spreadsheet that corresponds to this chart!