California Revenue and Taxation Code

§ 3698.7

RTC § 3698.7 Effective Sep 28, 2014Div. 1 · Part 6 · Ch. 7

Statute text

(a)With respect to property for which a property tax welfare exemption has been granted and that has become tax defaulted, the minimum price at which the property may be offered for sale pursuant to this chapter shall be the higher of the following:

(1)Fifty percent of the fair market value of the property. For the purposes of this paragraph, “fair market value” means the amount as defined in Section 110 as determined pursuant to an appraisal of the property by the county assessor within one year immediately preceding the date of the public auction. From the proceeds of the sale, there shall be distributed to the county general fund an amount to reimburse the county for the cost of appraising the property. The value of the property as determined by the assessor pursuant to an appraisal shall be conclusively presumed to be the fair market value of the property for the purpose of determining the minimum price at which the property may be offered for sale.

(2)The total amount necessary to redeem, plus costs and the outstanding balance of any property tax postponement loan. For purposes of this paragraph:

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Legislative history

Amended by Stats. 2014, Ch. 703, Sec. 23. (AB 2231) Effective September 28, 2014.