Title
a. Approve the distribution of excess proceeds resulting from the sale of real property at the Treasurer-Tax Collector’s public internet auction regarding claims on three identified properties (total distribution $340,815).
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve the distribution of excess proceeds resulting from the sale of real property at the Treasurer-Tax Collector’s public internet auction regarding claims on three identified properties (total distribution $340,815).
SUMMARY:
Board of Supervisors approval is required to authorize the refund of excess proceeds generated from real property tax sales in accordance with Section 4675 of the California Revenue and Taxation Code.
DISCUSSION:
On May 29, 2024, the Treasurer-Tax Collector (TTC) sold eight parcels of property at a public internet auction to the highest bidders. As a result of the competitive bidding process, some of the final sale amounts exceeded the taxes, penalties, and fees that were owed on these properties. The remaining amount is known as “excess proceeds” and has been held in a suspense account for at least the minimum one-year period, as provided and required by law.
During this one-year period, claims may be filed against the excess proceeds by any party who had an interest in the property at the time of the sale. The TTC received claims against three parcels for excess proceeds. Both the TTC and County Counsel reviewed and verified the validity and distribution priority of each claim and hereby request authorization by Board Order to distribute these excess proceeds as described, and in the priority set forth in the attachment. The total distribution of excess proceeds for all parcels to all claimants is $340,815.38.
OTHER AGENCY INVOLVEMENT/COMMITTEE ACTIONS:
County Counsel reviewed the claims and approves the recommended action. The TTC will request warrants from the Auditor-Controller in favor of the claimants from the funds currently held in the Delinquent Tax Sale Trust Fund 001-1170-TRE001-2215.
FINANCING:
There will be no financial impact on the General Fund. The TTC will request warrants against the excess proceeds from the Auditor-Controller in favor of the claimants from the funds currently held in the Delinquent Tax Sale Trust Fund, 001-1170-TRE001-2215.
BOARD OF SUPERVISORS STRATEGIC PLAN GOALS:
The distribution of Excess Proceeds would promote and support the following Board of Supervisors Strategic Initiatives:
Mark a check to the related Board of Supervisors Strategic Plan Goals
____ Well-Being and Quality of Life
____ Sustainable Infrastructure for the Present and Future
____ Safe and Resilient Communities
____ Diverse and Thriving Economy
____ Dynamic Organization and Employer of Choice
If does not fall under any of the above Board of Supervisors Strategic Plan Goals (Other):
_X__ Administrative
The revenue generated from the TTC Excess Proceeds Distribution shall be distributed on order of the Board of Supervisors in compliance with Revenue Taxation Code 4675(e)(2).
Link to the Strategic Plan:
<<https://www.countyofmonterey.gov/home/showdocument?id=139569>>
Prepared by: Arturo P. Perez, Management Analyst, x 3083
Reviewed by: Jake Stroud, Assistant Treasurer-Tax Collector, x5828
Approved by: Mary A. Zeeb, Treasurer-Tax Collector, x5015
Attachments:
Attachment “A”- Excess Proceeds Distribution