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, pursuant to the California Revenue and Taxation Code ("R&T") ?3698, as recommended by the Treasurer-Tax Collector.
?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 Treasurer-Tax Collector has the authority to sell residential property that has been tax-defaulted property for five or more years and nonresidential commercial property that has been tax-defaulted for three or more years (R&T ?3691). All or any portion of such property may be offered for sale, without regard to its boundaries (R&T ? 3691). The purpose of the sale is to collect unpaid taxes. Generally, offering a tax-defaulted property for sale achieves such purpose, either by collecting the unpaid taxes from the proceeds of the sale or through redemption by the assessee.
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