Title
a. Approve the distribution of excess proceeds with unresolved claims on five properties which is resultant from the sale of property at Tax Collector’s public internet auction;
b. Approve the interpleader of excess proceeds with unresolved disputed claims on one property which is resultant from the sale of property at Tax Collector’s public internet auction.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve the distribution of excess proceeds with unresolved claims on five properties which is resultant from the sale of property at Tax Collector’s public internet auction.
b. Approve the interpleader of excess proceeds with unresolved disputed claims on one property which is resultant from the sale of property at Tax Collector’s public internet auction.
SUMMARY/DISCUSSION:
Board of Supervisor approval is required to authorize the refund of excess proceeds in accordance with Section 4675 of the California Revenue and Taxation Code.
On May 3, 2011, the Tax Collector sold six parcels of property at an Internet public auction sale 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 of 1 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 Tax Collector received claims against six parcels for the amount of the available excess proceeds. Both the Tax Collector and County Counsel have reviewed and verified the validity and distribution priority of each claim, and hereby request authorization by Resolution to distribute these excess proceeds as described below:
Parcel Claimant ...
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