The city of Quincy received $678,051 in revenue from tax payer redemptions, tax title auction sales and premiums paid by investors at tax title assignment auction held May 22, the first such auction in the city.  The auction was conducted by Braintree-based Strategic Auction Alliance.

Under Massachusetts law, municipalities can auction off the right to collect back taxes to private entities, as long as the minimum bid at least equals what the city is owed. Winning bidders can then collect up to 16 percent simple interest on the principal balance taxes owed, and can initiate foreclosure proceedings if not repaid. 

Quincy initially offered $1.9 million worth of tax titles, but some properties were withdrawn from the auction, while others did not draw investor interest.  Some property owners paid the overdue taxes, forestalling the sale.

More than half the total funds raised ($409,750) came from owners paying up prior to action, but the city raised $14,200 in excess of the $268,301 in winning bids on the day due to competitive bidding. Both local and out-of-state investors participated.

 "We’re pleased with the outcome of the Tax Title auction campaign," said Strategic Auction Alliance principal Tom Weitbrecht, in a statement. "[I]nvestor participation was excellent resulting in spirited bidding… It was an honor to help the city of Quincy to raise funding the city needs to provide essential services to its residents."