Text Box: COUNTY BY COUNTY ZLS TAX FORECLOSURE PROGRAM NET BENEFIT CHART
County Total Collected plus Total Purchased equals Total Benefit less Total Cost equals Net
Beaufort  $     1,338,157.00  $           20,000.00  $  1,358,157.00  $ 29,980.21  $1,328,176.79
4/1/04 - 9/19/06
Craven  $        848,811.49  $           45,000.00  $    893,811.49  $ 33,488.50  $   860,322.99
3/1/03 - 9/19/06
Wilson  $        762,355.30  $    762,355.30  $   4,786.89  $   757,568.41
7/1/05 - 6/30/06
Text Box: NOTES: For the counties with available data, this chart shows: 1) the amount we have collected for each county (Total Collected), 2) the value of the property purchased by each county that 3rd parties did not buy when sold at a tax foreclosure sale (Total Purchased) and 3) each county’s out-of-pocket expense to run the program (Total Out-of-Pocket). When the Amount Collected is added to the Total Purchased and then reduced by the Total Out-of-Pocket expense, the Net benefit is shown. As you can see, for the programs with data available the Net is nearly 100% or more than the Total Collected. In other words, these programs not only paid for themselves, but in some cases the value of the properties purchased by the County offset the Out-of-Pocket expense of the program. Although we do not have readily available data for Jones, Lenior and Onslow Counties, each of these tax offices will attest to the cost effectiveness of the program. Onslow County provides an interesting example of how a county can benefit indirectly from a tax foreclosure program. Onslow County, as the sole bidder at one of our sales, purchased beach property with little value prior to Hurricanes Bertah and Fran. Afterwards, the CAMA lines were re-mapped and the County sold a portion of the property for $500,000, thereby financing the costs of their tax foreclosure program for decades! While making a $500,000 return on a parcel is unusual, there always seems to be one or two parcels that a county will obtain through the life of the program that will significantly help offset the cost of the program.
Estimated value.  Actual value in process.