County Grosses $7.8 Million in
2 Property Tax Sale Auctions
San Diego County Treasurer-Tax Collector Dan McAllister announced
today his office sold 648 properties for $7.8 million during its two
online property tax sales auctions this year.
“We credit much of the success to our new online platform, which allowed people all over the world to bid on a piece of paradise here in San Diego County,” said McAllister.
The Treasurer-Tax Collector’s Office (TTC) held a reoffer auction at the end of July in an online format similar to e-Bay. The 1,000 offered properties were left over from the TTC’s first-ever online tax sale auction in May, when the TTC grossed a record-breaking $5.6 million in sales.
“In this second round of bidding, we got 340 more properties off our tax-defaulted list and into the hands of buyers,” said McAllister. “Those properties will once again start generating tax dollars for San Diego County.”
Bidders bought 8 improved properties (houses or commercial buildings), 48 unimproved properties (land) and 284 timeshares.
All winning bids for the second auction added up to $2.16 million. Nearly $800,000 of the total sales will go to pay off back taxes and fees, leaving more than $1.3 million in excess proceeds. Click here to learn more about excess proceeds.
California law states that if owners do not pay their property taxes for five years or more, the county can auction off their properties to recover taxes.
In years past, the TTC held property tax sales through live auctions at venues such as the San Diego Convention Center. The last in-person auction was held in 2015, when the TTC sold 85 properties for $2.9 million.