Faulkner County received $513,639.41 when the Commissioner of State Lands Office (COSL) returned turnback funds.
The COSL returned more than $17 million to counties across the state. Turnback funds come from property owners paying delinquent real estate taxes and from proceeds in excess of taxes due when the COSL office sells property.
“The sole purpose of collecting delinquent real estate taxes, and selling long-delinquent properties, is to get that funding to the counties where it is owed,” Commissioner John Thurston said. “When we sell properties that have been delinquent for many years, it gets them back onto the county tax rolls, producing income that helps a county with its roads, schools and emergency services.”
In Faulkner County, the excess proceeds of sales amounted to $11,589.51, which will be added to the county’s General Fund, Treasurer Scott Sanson said.
The $502,049.90 from delinquent taxes “goes to [the] corresponding taxing entity,” Sanson said.
The state’s total turnback was $17,484,793.73. Pulaski County received the biggest turnback with $3.1 million. Thurston said the turnback “varies widely” from county to county.
“Those numbers reflect how many parcels, and their tax value, are certified to us and then redeemed or sold,” he said. “Many rural counties have only a few dozen delinquent parcels, while more urban counties certify hundreds.”
For more information, including a catalog of tax-delinquent lands that will be auctioned off this year, visit www.cosl.org. The 2018 auction season begins April 3.