Reserve price rules let local tax authorities set minimum thresholds, raise prices, or seek approval to lower them. The instructions establish that the minimum reserve price is 115% of the apparent consideration but allow the Chief Commissioner to set a higher reserve if market conditions warrant. Any proposal to set the reserve below that minimum must be sent to the Board with detailed reasons, though prompt disposal measures should be used to avoid such reductions. For repeatedly unsold properties, Chief Commissioners should engage auctioneers and may increase commission to encourage sale. Automatic monthly increases in reserve for auction delays are discouraged; auctions should be completed within three months of completing Chapter XXC formalities.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Reserve price rules let local tax authorities set minimum thresholds, raise prices, or seek approval to lower them.
The instructions establish that the minimum reserve price is 115% of the apparent consideration but allow the Chief Commissioner to set a higher reserve if market conditions warrant. Any proposal to set the reserve below that minimum must be sent to the Board with detailed reasons, though prompt disposal measures should be used to avoid such reductions. For repeatedly unsold properties, Chief Commissioners should engage auctioneers and may increase commission to encourage sale. Automatic monthly increases in reserve for auction delays are discouraged; auctions should be completed within three months of completing Chapter XXC formalities.
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