California Online And Public Tax Deed Auctions
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California Online And Public Tax Deed Auctions

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California Online And Public Tax Deed Auctions California Online And Public Tax Deed Auctions Document Transcript

  • California Online And Public Tax Deed AuctionsCalifornia is a tax deed state. Unlike most other states, whose fiscal year mirrors the actual year(January through December), California property taxes are assessed for the period between July 1and June 30. Therefore, instead of a 2008 tax year, you have a 2007-2008 tax year and a 2008-2009tax year. A first position lien attaches to all real property on the assessment date each year by law.California property taxes are due in two equal installments. The first installment is due November 1and delinquent December 10th. The second installment is due February 1 and delinquent April 10th.Late payments adds a 10% penalty to the property tax bill. Unpaid properties are considered taxdefaulted if not paid in full by June 30 of each year. Starting July 1, title to these parcels is vested inthe name of the state and interest on any unpaid bill begins to accrue at a rate of 1.5% per month(18% per annum).Online and Public AuctionsSimilar to how California runs its tax year, tax deed sales are a little different in California. The taxdeed to a parcel is not put up for sale for at least five years after the property tax bill becomesdelinquent. In California, the "redemption period" starts when the property becomes tax defaulted onJuly 1 of any given year, and ends when the property is offered for sale to investors at a tax deed salefive (or more) years later. In most other tax deed states, tax-defaulted properties go up for sale shortlyafter they first default, but property owners are given an opportunity to essentially buy back theirproperty even if the tax deed was already sold at a sale. Barring a county error and/or a successfullawsuit by the former property owner, a property in California may not be redeemed once it is sold ata public auction. In other words, there is no extended right of redemption in the State of California.California tax deed sales use the premium bidding method. The minimum bid is equal to the amountof taxes, interest, penalties, and fees due upon the property. Most counties only hold an auction onceduring a year; however, some counties hold more than one per year.Generally, California property owners have up to the day before the tax sale to redeem their property.If possible, investors planning to participate in a California tax deed sale are advised to check the salelist just prior to the sale. This may entail contacting the county tax collector office directly, or checkingthe county or third-party Web site.Bid4assets.com is a third-party Web site that holds online auctions for 28 California counties,including Alameda, Fresno, Kern, Santa Cruz, San Francisco, Solano, San Diego, and SanBernardino. Tax sale lists for Bid4Assets counties generally become available three to four weeksbefore the online auction. The Bid4Assets Web site has all of the information you need about eachauction, including contact, registration and deposit information.California Tax Deed Sale Payment PlansAccording to California statute, and at their discretion, California county tax collectors may offer a"payment plan" for properties that sell for over a threshold amount. This "threshold" varies by countyand can vary year to year. Generally, in a "payment plan", the county requires the threshold amountand the remaining balance on the tax deed is due within 90 days of the tax deed sale. The property
  • title is not transferred to the tax deed purchaser until the tax collector receives payment in full.After the Tax Deed SaleSuccessful bidders are awarded a Tax Collectors Deed. Pursuant to California Statute, this deedconveys title to the purchaser free of all encumbrances of any kind existing before the sale, with theexception of liens for subsequent taxes and/or special assessments.When a property has been offered for sale at least once and no acceptable bids have beensubmitted, the tax collector may re-offer those properties at the next scheduled sale at a minimum bidhe/she deems appropriate. The countys Board of Supervisors must approve a drop in the minimumbid. Currently, there are no over-the-counter sales in California.Sherman oaks real estate