The Board of Supervisors today approved an online auction of more than 600 tax-defaulted properties throughout Riverside County.
The Treasurer-Tax Collector's office is hoping the digital bidding on houses and vacant parcels seized as a result of unpaid property taxes will net the county at least $12.7 million.
This is only the second year the county has resorted to Internet-based auctioning for its entire portfolio of assets with tax liens. Until January, only timeshares that went into default were included in online sales.
The decision to auction off all available assets via the Internet was made after the Riverside Convention Center was closed for renovations in 2012. The venue, slated to reopen in March, previously served as the location for tax- defaulted property auctions.
"We've had good success going the online route," Treasurer-Tax Collector Don Kent told City News Service. "We're going to continue with it."
An online auction approved by the board last fall will begin Thursday and continue to Feb. 4. Just over 400 properties are up for grabs in that sale.
The one approved by the board today will get underway April 24 and conclude on April 29. A total 646 properties are on the auction block this April, according to the Treasurer-Tax Collector's office.
Starting bids will vary. County officials said 106 parcels will be offered at 50 percent of back taxes owed, plus sales costs.
According to Treasurer-Tax Collector documents, minimum prices range from $1,500 to $581,000. The highest-priced property was in Coachella.
Before a property under lien can be sold off, it must be held for at least five years.
Prospective bidders can view assets and enter bids at http://www.Bid4Assets.com/Riverside .
Those without Internet access can request off-line bid forms by contacting Bid4Assets at (877) 427-7389. --City News Service