If you don’t ever pay your taxes, San Francisco does not just sit around forever sending you notices.
On May 27, 2010, more than 100 private property owners received notices from the treasurer’s office saying pay up or The City will sell your property.
On Wednesday, the San Francisco Board of Supervisors Budget and Finance Committee will vote on whether to authorize the public auction of these 117 properties. The properties will be sold at a minimum bid, to cover the delinquent taxes and fees to The City.
The silver lining for these soon to be former property owners is they, or presumably their creditors in some cases, will receive any money that comes in higher than the minimum bid.
Of the 117 properties, there are 96 timeshare units, five condominiums, one vacant lot, eight single-family homes, one commercial retail store, two duplexes, three apartment buildings and one hotel. The sale is expected to net The City $1.1 million.
San Francisco is going to use the Web Site www.Bid4Assets.com, if you’re looking for some possible deals.
The property owners have until the day before the auction to pay off their taxes and not lose their properties.
The board’s budget committee meets Wednesday, at 11 am, at City Hall in room 250.