Today was the big day for tax certificate sales via an open auction process. Unsold certificates can still be purchased over the counter, and the tax collectors office will not publish a final tabulation of tax certificate sales until June 15th. But here are the numbers, as best as I can interpret them, from the tax collectors website as of today:
There was about $10 million in delinquent 2010 property taxes in WVID. ALL of the big developers except Pulte/DiVosta had defaulted. This total tax bill is comprised of county and city taxes and other non-ad valorem taxes besides WVID taxes. I'll let Todd W. at WVID give us the exact numbers for the district at the next meeting; however, the ratio of what was due and what has now been collected should be reflective of the WVID revenue situation.
Unsold tax certificates amount to about $8 million! Basically all of the large undeveloped acreage owned by Gran Paradiso and Fourth Quarter Properties still have unpaid 2010 taxes. Just about all of the 350 or so plated building lots in Gran Paradiso had certificate sales that total about $1.45 million in tax revenue being received. Only a very small portion of the Fourth Quarter Properties WVID acreage resulted in certificate sales that total about $0.55 million is tax revenue being received.
The release of final data from the tax collectors office on June 15th should give a better understanding of these numbers; but right now its not looking good for the home team! Also, all of the Gran Paradiso property is now over two years in arrears; So, any lien holder could request a tax deed sale of the property at any time. I think 2011 will be a very interesting year for WVID.
3 comments:
Paul, at the risk of showing my ignorance, what would be so bad if a new developer, with deep pockets, bought the property owned by GP and 4th Quarter from the tax man?
There's nothing wrong with new blood. However, ownership and management isn't the issue here....its about cold, hard CASH. NO tax revenue means bond payment DEFAULTS and the inability of WVID to spend or raise any more money until the revenue situation is resolved.
In fact it is the new blood coming to the table and making those pesky annual tax payments that will keep the WVID functioning. Change can be a good or bad thing, only time will tell. BUT it is this change that is needed to keep the good ship WVID afloat. No new blood and the WVID essentially goes bankrupt.
Thanks for your insights. I believe that the parcels of land in question are in a great location and that someone will want them and do good things with them
Respectfully submitted,
Mike
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