HomeMy WebLinkAbout20241955.tiffRESOLUTION
RE: APPROVE AUTHORIZATION FOR COLLECTION OF INCREASED TREASURER'S
DEED DEPOSITS FOR TAX LIEN AUCTION SALES BY WELD COUNTY TREASURER
WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to
Colorado statute and the Weld County Home Rule Charter, is vested with the authority of
administering the affairs of Weld County, Colorado, and
WHEREAS, pursuant to C.R.S. §39-11.5-102, the Weld County Treasurer may collect a
Treasurer's Deed deposit to cover the cost of attorney/self-represented tax lien investor fees to
perform tax lien auction sales, and
WHEREAS, the Board has been presented with a request from the Weld County
Treasurer to increase the deposit amount collected to avoid delays and/or additional collection
efforts prior to the sale, and
WHEREAS, after study and review, the Board deems it advisable to approve the request
to increase the deposit amount from $550.00 to $900.00, with any overage to be refunded to the
attorney/self-represented investor once the sale is complete.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that pursuant to C.R.S. §39-11.5-102, the Weld County Treasurer, be, and
hereby is, authorized to collect increased Treasurer's Deed deposits in the amount of $900.00, to
perform tax lien auction sales, with any overage to be refunded to the attorney/self-represented
tax lien investor once the sale is complete.
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 22nd day of July, A.D., 2024.
BOARD OF COUNTY COMMISSIONERS
ATTEST: C,1rAbio „„/D ;e,
Weld County Clerk to the Board
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Deputy Clerk to the Board
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Date of signature:
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WELD COUNTY
Pro-Tem
Mike reeman
t K. James
Lori Saine
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2024-1955
TR0031
BOARD OF COUNTY COMMISSIONERS
PASS -AROUND REVIEW
PASS -AROUND TITLE: REQUEST INCREASE TO TREASURER'S DEED DEPOSIT
DEPARTMENT: TREASURER DATE: 07/01/2024
PERSON REQUESTING: Brigitte C Grimm
Brief description of the problem/issue:
HB24-1056 now requires the Treasurer to auction property, much like the Public Trustee foreclosures sales,
when the tax lien investor applies for a Treasurer's Deed. This process requires a series of additional steps,
thus additional costs to prepare and hold an auction. The tax lien investor provides a deposit to perform these
steps, any remaining balance is refunded to the investor.
What options exist for the Board?
1. APPROVE the deposit increase from the current $550 to $900 with excess refunded to the investor.
2. DECLINE the deposit increase and keep the deposit at $550 with the need to collect additional funds before an
auction can be held.
Consequences:
1. Increasing the investor fees to perform a tax lien sale, permissible via 39-11.5-102, may avoid delays and/or additional
collection efforts prior to sale. Remaining balances are refunded to the investor once the sale is complete.
2. Maintaining the current investor fees of $550 may not cover necessary fees. This results in a collection effort by
Treasurer and a possible delay in holding a tax deed auction.
Impacts:
Costs (Current Fiscal Year / Ongoing or Subsequent Fiscal Years):
No fiscal impact to Weld County.
Based on CRS 39-11.5-102, all fees to the Treasurer to hold a tax lien auction are provided by the tax lien investor.
When auctioning a property, the winning bidder provides the funds to satisfy the delinquent tax debt, and any remaining
overbid funds are paid to the homeowner.
Recommendation:
Our recommendation is to increase the investor's deposit from $550 to $900. A similar increase is being implemented by
Treasurers statewide to avoid a deficit resulting in added collections/delays prior to an auction.
Support Recommwndation Schedule
Place on BOCC Agenda Work Session Other/Comments:
Perry L. Buck, Pro-Tem
Mike Freeman
Scott K. James
Kevin D. Ross , Chair
Lori Saine
-6P
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