Excess Proceeds Cost Allocation

Navigate: Tax > Tax Sale > Property Sale > Excess Proceeds Cost Allocation

Description

Use this task to define how to allocate excess proceeds costs.

Steps

1. On the Search Excess Proceeds screen, enter your search criteria and click Search.

2. In the Results panel, select the checkbox for one or more items in the grid and click Next.

3. On the Maintain Excess Proceeds Cost Allocation screen, enter the Excess Proceeds Cost or click the up/down arrows to scroll to the desired value. The Show Allocation button then becomes available.

4. Click Show Allocation to show the allocation in the Allocated Costs column in the Results panel.

5. Select the Distribute remaining EP to Districts checkbox to distribute any remaining excess proceeds back to the district.

6. Select the Misc. Source for costs to update the field.

7. Select the Surplus subcode for remaining unclaimed to update the field.

8. Click Update.

   • Click Close to end the task.

Dependencies, Prerequisites, and Setup

Property Sale Settings

1. Click Tax > Tax Sale > Property Sale > Property Sale Settings.

2. Select the following three application settings and set as applicable:

• Claimable Excess Proceeds Surplus Subcode

• Unclaimable Excess Proceeds Remaining after Costs

• Unclaimable Excess Proceeds Surplus Subcode

NOTE: These settings are configured with a specific surplus subcode used to filter the results on the Search Excess Proceeds screen. So, for example, if a payment is made that is greater than a minimum property sale bid (MinBid), the surplus subcode would be TaxSale OverBid.