ACH Debit – a method of payment that involves a pre-authorized electronic transfer of funds from your bank account to the Broward County Tax Collector. Online payments to the Tax Collector are made through ACH debits. ACH debits authorized online will be submitted immediately for processing. Funds must be drawn from a U.S. financial institution. Check with your financial institution prior to authorizing an ACH debit. Some types of money market, brokerage and/or trust accounts cannot accept them.
Ad Valorem Tax – a Latin term meaning “according to worth.” Ad valorem taxes, often referred to as “property taxes,” are taxes levied on the assessed taxable value of property, such as real estate and tangible personal property.
Bond (Lien to Bond) – a procedure, per Florida Statutes, that allows a person against whom a lien has been recorded in the Official Records to post a cash deposit or surety bond, and have the lien transferred from their record while the parties attempt to reach an agreement about the amount of money owed, either through the courts or otherwise.
Documentary Stamps – a form of tax that requires a revenue stamp be affixed to documents transferring title to real property, such as warranty deeds and quit claim deeds.
Erroneous Tax Payment – a tax payment made to the tax collector by a taxpayer or mortgage company that is made in error.
Escheat – to revert ownership of unclaimed and/or abandoned property to the state, to ensure property is not left in limbo without recognized ownership.
Ficticious Name – a name under which a corporation may conduct business that is not the legal name of the corporation as shown in its articles of incorporation.
Foreign Judgment – a judgment brought in from another state or country for the urpose of collection, and/or placing a lien on property.
Lands Available for Taxes (LAFT) – properties advertised for tax deed sale at public auction, where no bidders appeared to purchase the properties. When this occurs, the Broward County Tax Collector is required to enter the land on a list entitled "Lands Available for Taxes," and to notify the Board of County Commissioners and all other persons holding certificates against the folio that the land is available.
Millage Rate – the percentage rate at which property is taxed. Each taxing authority (school board, County Commission, South Florida Water Management District, etc.) sets its own millage rate. Current millage rates for all taxing authorities in Broward County are posted at www.bcpa.net.
Non-Ad Valorem Taxes - taxes assessed by local governments which are not based on the value of real property. Non-ad valorem taxes may include special assessments, such as drainage assessments, waste assessments for garbage and trash service, or voter-approved special purpose assessments, for lighting or security, for example, or any other services provided by the municipality in which the property is located.
Property Tax Deferral – a program that allows eligible individuals, who are entitled to claim homestead exemption under the provisions of F.S. 196.031(1), to elect to defer payment of a portion of the taxes levied on that homestead.
Redact – to edit, censor or obscure, for legal or security purposes, part of a text of a document being released for publication.
Tax Certificate – an interest-bearing, enforceable first lien representing unpaid delinquent real estate property taxes. Tax certificates are an investment, offered for sale by the Broward County Tax Collector through competitive bid to pay delinquent taxes. The investment does not convey any property rights or ownership to the certificate holder. Tax certificates are a “first” priority lien and are not recorded or reported to any credit bureaus.
Tax Certificate Auction – a sale that allows investors to purchase tax certificates by paying the tax debt. The sale is conducted in a reverse auction style with participants bidding downward in one quarter (.25 percent) increments on interest rates starting at 18 percent. The certificate is awarded to the bidder who will pay the taxes, interest and costs, and accept the lowest rate of interest. If there are no bidders, the certificate is issued to Broward County at 18 percent annual interest and becomes a County-Held Tax Certificate.
Tax Certificate, County-Held – tax certificates issued in the name of Broward County when there are no bids offered for a property at a Tax Certificate Auction. County-Held Tax Certificates are issued at the highest rate of interest allowed by law, which is 18 percent.
Tax Exemption – Tourist Development Tax – a 5 percent tax collected by owners and/or dealers of rental facilities, added to short-term rental charges and collected from tenants or guests. The Tourist Development Tax is frequently called a “resort tax,” “bed tax,” “local option tourist tax” or “transient rental tax.”
