To: Board of Supervisors
From: Russell Watts, Treasurer-Tax Collector
Report Title: ADOPT Resolution authorizing the sale of specified tax-defaulted property at public auction, pursuant to the California Revenue and Taxation Code ("R&T") ?3698
?Recommendation of the County Administrator ? Recommendation of Board Committee
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 Tax Collector has the authority 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). If the next public auction for that parcel occurs more than one year after the date of that first auction and the highest bidder does not consummate that subsequent sale within the time period determined by the tax collector, the tax collector may offer that property, regardless of type, for sale to the next highes...
Click here for full text