To: Board of Supervisors
From: Auditor/Controller
SUBJECT:
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Distribution of Excess Proceeds from Tax Sale of March 17-20, 2017
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RECOMMENDATION(S):
Recommendation
That the Board of Supervisors approve the distribution of the excess proceeds resulting from the March 17-20, 2017 public auction of parcels listed on Attachment A to the claimants and in the amounts listed for each parcel.
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SOURCE OF FUNDING:
Proceeds from tax auction held in fund 3680 - Delinquent Tax Sales Trust
DISCUSSION:
During March 17-20, 2017, Treasurer-Tax Collector John Bartholomew sold a number of delinquent property tax parcels using an internet-based public auction website. The date of recordation of the last tax deeds for this auction was April 13, 2017. Some of the parcels sold for more than the amount required to pay the parcel’s back taxes and the share of the cost in preparing for and conducting the auction. This excess of sales price over taxes and expenses is referred to as excess proceeds and is available in priority to: (1) claimants who have a recorded lien against the property with priority given to the earliest recorded lien; and (2) the last owner(s), or assessee(s), prior to the sale. These claimants, or parties of interest, have one year from the date of the recordation of the tax deed to the purchaser to file a claim for excess proceeds.
The Auditor-Controller has completed a review of the claims for excess proceeds corresponding to the April 13, 2017, recordation date and has presented a recommended distribution in Attachment A.
Upon approval by your Board of this distribution schedule, the proceeds will be held an additional ninety days to allow for protests or competing claims.
FINANCIAL IMPACT:
The claims currently recommended for payment represent $81,300.54 of excess proceeds from the March 2017 sales. If tax auction funds remain after resolution of all excess proceeds, those claims will be transferred to the tax losses reserve fund (3010). Effective management of the tax trust funds is consistent with your Board’s Strategic Framework in that these resources are available to ensure sustainability of services.
OTHER AGENCY INVOLVEMENT:
None.
ALTERNATIVES TO STAFF RECOMMENDATIONS:
Your Board could choose to reject any or all of the recommended claims, whereupon the claimants would have ninety days in which to appeal that rejection.
ATTACHMENTS:
Attachment A - Recommended Distribution of Excess Proceeds
PREVIOUS ACTION/REFERRAL:
Board Order No.: N/A
Meeting of: N/A