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News & Press: Industry News

San Francisco Street Sold at Tax Sale for $90K in Unpaid Taxes

Tuesday, August 15, 2017  
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A Bay Area real estate investor now owns a grand circular street running through Presidio Terrace, a gated community in the San Francisco Presidio Heights neighborhood.  According to the San Francisco Chronicle the street is lined with towering palm trees and multimillion dollar mansions and has been managed by the homeowners association since at least 1905.   The Chronicle reported that apparently the homeowners association failed to pay a $14-a-year property tax resulting in a tax sale bidding war that saw the street sell for over $90,000 in 2015 after being put up for sale by the city for $944.   It turns out the tax bill may have been sent to the address of an accountant who hadn't worked for the homeowners association since the 1980s.   Of course the homeowners aren't pleased with possibility of having to buy back their street and petitioned the Board of Supervisors to rescind the sale, while at the same time heading to court.

California Land Title Association

1215 K Street #1816 Sacramento, CA 95814-3905
Email:  |  Phone: 916-444-2647  |   Fax: 916-444-2851