To: Board of Supervisors
From: Dan Mierzwa, Treasurer-Tax Collector
Report Title: ADOPT Resolution authorizing the sale of specified tax-defaulted property at public auction.
Recommendation: Recommendation of the County Administrator
/
RECOMMENDATIONS:
ADOPT Resolution authorizing the sale of specified tax-defaulted property at public auction, pursuant to the California Revenue and Taxation Code ("R&T") §3698, as recommended by the Treasurer-Tax Collector.
FISCAL IMPACT:
All costs will be recovered from the proceeds of the sale. Property or property interests that have been offered for sale at least once and where no acceptable bids have been received at the minimum price, the tax collector may offer that same property or those interests at the same or next scheduled sale at a minimum price that may be less than the amount of defaulted taxes, delinquent and redemption penalties as specified in R&T §3698.5(a)(1). Should the final selling price at public auction be less than the amount as specified in R&T §3698.5(a)(1), proceeds shall be distributed as specified in R&T §4673.1 & R&T §4674 and any remaining balance to satisfy the amounts as specified in R&T §3698.5(a)(1) may be transferred from the Tax Loss Reserve Fund. (R&T §4703.2(c).)
BACKGROUND:
The Treasurer-Tax Collector is required to sell tax-defaulted property that is subject to the power of sale (R&T §3691). Written approval of the Board of Supervisors (R&T §3694 and 3698) is required to sell property at public auction (R&T §3692) to the highest bidder at the time and place fixed for sale (R&T §3706). For nonresidential commercial property, if the highest bidder does not consummate the sale within the time period determined by the Treasurer-Tax Collector, the Treasurer-Tax Collector may offer the property to the next highest bidder at their bid price. If a sale occurs at a public auction for a parcel of property and the sale in unconsummated, if the next public auction for that parcel occurs mo...
Click here for full text