If your property sold at the Kenai Peninsula Borough’s 2015 Tax Foreclosure Auction, you might be getting a notice to collect excess funds.
Borough Mayor Mike Navarre says a portion of the properties originally up for auction were repurchased by the original owners for the taxes owed.
Mayor Navarre: “They have that option prior to foreclosure, prior to the actual sale taking place so a number of those, 18 of them were repurchased prior to sale. There were six parcels retained by the borough, one was conveyed to the City of Kenai and one was conveyed to the City of Homer because they had a public use or a need for them. The total proceeds resulted in $381,000 that was recovered.”
Of the 42 not repurchased by the owner, 34 were sold on October 24, recovering $78,742 in unpaid real taxes for the borough.
The borough keeps funds from the auction for two reasons: to recover the tax amounts owed to the borough on the collective parcels and to cover the event costs for 2015, which totaled over $6,400.
The remaining excess funds obtained from the auction are returned to the previous recorded owner of the parcels sold.
The borough will notify the previous record owners of any parcels sold of their right to claim the proceeds.