TCPalm.com reported that Willie "The Giant Killer" Gary, famed Stuart trial attorney failed to pay his property taxes. According to their website:
“Right now, we’re just kind of sitting on the dollars,” Gary said about his $239,196 in unpaid taxes on five properties he owns with his wife Gloria, including his law office in downtown Stuart.
“I’m going to pay my taxes, but strategy wise, and specifically with the economy being the way it is, the money that you do have, you’ve just got to hold onto it right now,” Gary said. “Timing could be everything. Timing could save money. Timing could be a good investment.”
Gary and several well-known developers helped Martin County set a new record for delinquent tax bills this year with 4,718 properties in arrears as of the April 1 deadline, county records show. That’s an increase of nearly 13 percent from last year and an 83 percent increase from 2005.
The increase in delinquent property tax payments in Martin County is another indication of the worsening recession, said Tax Collector Ruth Pietruszewski.
“Because of the economic conditions, you had more people that had a problem,” Pietruszewski said.
And more investors took advantage of the opportunity to earn up to 18 percent interest on the tax payments they made on behalf of the property owners who didn’t pay by the April 1 deadline, Pietruszewski said.
Investors paid all but $30,938 of Martin County’s delinquent property taxes during the June 1 auction of tax certificates, Pietruszewski said. The average interest rate the property owners must pay to the certificate purchasers who paid their debts for them was 13 percent.
The certificates were popular because they offered a better return than savings accounts at banks and a safer investment than the stock market. Pietruszewski said.
“We had several brand-new bidders and they said they weren’t getting any interest from the bank and they were afraid of the stock market, so they were going to try this now,” Pietruszewski said.
Gary was in good company on the list of people who failed to pay their taxes by the April 1 deadline.
Joining him were the developers of the controversial Renar River Place and Pitchford’s Landing subdivisions in Jensen Beach.
“I’m going to pay my taxes, but strategy wise, and specifically with the economy being the way it is, the money that you do have, you’ve just got to hold onto it right now,” Gary said. “Timing could be everything. Timing could save money. Timing could be a good investment.”
Gary and several well-known developers helped Martin County set a new record for delinquent tax bills this year with 4,718 properties in arrears as of the April 1 deadline, county records show. That’s an increase of nearly 13 percent from last year and an 83 percent increase from 2005.
The increase in delinquent property tax payments in Martin County is another indication of the worsening recession, said Tax Collector Ruth Pietruszewski.
“Because of the economic conditions, you had more people that had a problem,” Pietruszewski said.
And more investors took advantage of the opportunity to earn up to 18 percent interest on the tax payments they made on behalf of the property owners who didn’t pay by the April 1 deadline, Pietruszewski said.
Investors paid all but $30,938 of Martin County’s delinquent property taxes during the June 1 auction of tax certificates, Pietruszewski said. The average interest rate the property owners must pay to the certificate purchasers who paid their debts for them was 13 percent.
The certificates were popular because they offered a better return than savings accounts at banks and a safer investment than the stock market. Pietruszewski said.
“We had several brand-new bidders and they said they weren’t getting any interest from the bank and they were afraid of the stock market, so they were going to try this now,” Pietruszewski said.
Gary was in good company on the list of people who failed to pay their taxes by the April 1 deadline.
Joining him were the developers of the controversial Renar River Place and Pitchford’s Landing subdivisions in Jensen Beach.
To watch the Coastal Florida market follow this blog or meet me on the web at:
Richard Sites
Realty Associates-FL Properties
561-762-4073
