Public Auction Sale for Beginners
by Emelino T Maestro, Tax Accounting Guru
What does it mean? A Public Auction Sale refers to a mode of sale being made in behalf of the government in which personal or real properties are being sold to multiple buyers thru competitive bidding where the potential buyers are given equal chance to compete on the basis of their bid prices/offers which should be equal to or more than the set minimum bid/floor price. The properties covered by the sale can either be properties already owned by the government as a consequence of forfeiture, or properties that are still owned by the delinquent taxpayers which are to be sold under the authority of a court of law or a government agency with similar authority.