News From Riverside County Treasurer-Tax CollectorPaul McDonnell; The Nation's First Online...

RIVERSIDE--(BUSINESS WIRE)--Dec. 2, 1999--

The Riverside County Treasurer-Tax Collector will conduct the nation's first-ever online auction of tax-delinquent properties.

Over one hundred tax-delinquent timeshares will be offered through Yahoo at up to 80% off the original sale

price. The auction will take place the week of Monday, January 31st starting at 10 am. The luxury resort timeshares to be sold are from the Desert Breezes of Palm Desert, Desert Isle, and Casitas Del Monte of Palm Springs, and Palm Springs Tennis Club. Timeshares are resort properties in which vacationers can purchase the right to use these resorts for a length of time each year, usually one week.

"We recognize the enormous marketing power of the Internet and the efficiencies it can provide government agencies. We want to use it to our full advantage as we move to accelerate the transition of delinquent properties back to the tax rolls," said Riverside County Treasurer Tax Collector Paul McDonnell. "Holding an online auction saves taxpayers money and increases their access to these tremendous vacation opportunities. It also invigorates local economies."

McDonnell also believes the online auction will enable the county to sell tax-delinquent properties more quickly than a standard auction, which the county holds every March at the Riverside Convention Center.

Michael Smith, president of the Californian Association of County Treasurer-Tax Collectors, said that to his knowledge this is the first time a California county has scheduled a tax auction online. "I applaud the innovation," Smith said. "If the Internet allows them to do that (collect taxes), kudos to them. That's an interesting approach."

Jackie Denney, assistant Treasurer-Tax Collector for Kern County, said it is widely believed within the association that Riverside County will be the first to conduct an online auction. "Kern County has plans to do it," Denney said. "We're hoping to move forward on it in 2000, but we're just not that far along."

McDonnell said the online auction will provide immediate benefits for

Riverside County residents. "Taxpayers also benefit from the revenue generated by the tax sale through increased public services such as health, fire and police protection," he said.

Bidding for the tax-delinquent timeshare properties will begin January 31, ending February 7 through www.yahoo.com. Click on Yahoo! Auctions. For additional information regarding the timeshares' amenities, pictures please visit Riverside County's website at www.co.riverside.ca.us.

Riverside County is nearly the size of Massachusetts, and among the fastest growing counties in the nation. In combination with neighboring San Bernardino County, its economy is larger than 25 other states.

The Riverside County Treasurer-Tax Collector is responsible for processing approximately $4 billion in annual receipts generated from property taxes, along with state and federal funds received throughout the year, for taxing entities in the county, including cities, schools and special districts. In addition, the Treasurer-Tax Collector is responsible for managing a financial portfolio in excess of $1.5 billion.