AB 2423, as introduced, Conway. Property taxation: tax sales: bidding.
Existing property tax law, with a specified exception, requires tax sales of defaulted property to be held at public auction with the sale to the highest bidder. Existing law authorizes the tax collector to require a person to submit a deposit, by specified method, as a condition to submitting a bid on property that is being sold or as a payment toward specified property that is being sold, or both.
This bill would make a technical, nonsubstantive change to that deposit provision.
Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 3693 of the Revenue and Taxation Code
2 is amended to read:
(a) With the exception of the sealed bid sale procedures
4authorized under Section 3692, all sales pursuant to this chapter
5shall be at public auction to the highest bidder. The amount of the
6high bid shall be paid by any method of payment authorized by
P2 1Section 2502, 2503.2, or 2504, which method is at the discretion
2of the tax collector. Unless otherwise specified by the tax collector,
3payment is due on or before the close of auction.
4(b) The tax collector may require a person to submit a deposit,
5by any method of payment authorized by Section 2502, 2503.2,
6or 2504, for the purposes specified in this subdivision. A tax
7collectorbegin delete requiringend deletebegin insert
that requiresend insert a deposit pursuant to Section
83693.1 may determine, and shall provide public notice before the
9date of the sale upon determining, all of the following:
10(1) The method of payment of this deposit.
11(2) The amount of this deposit.
12(3) The due date of this deposit.
13(4) Whether the deposit will be applied for one or more of the
14following purposes:
15(A) As a condition to submitting a bid on property that is being
16sold under this chapter.
17(B) As a payment toward specified property that is being sold
18under this chapter. If a deposit is applied for this purpose, the
19deposit may be
applied as payment toward more than one specified
20property based upon the amount of the minimum bid for each
21property.
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