(a) The amount of the unpaid final assessment plus interest, penalties and the costs of conducting the sale; or

(b) Seventy-five percent of the total assessed value of the real property, as determined by the assessor of the county in which the land and improvements are located.

(2) If more than one bid equals or exceeds the minimum sum for which real property may be sold under this section, the real property must be sold to the highest bidder.

(3) If none of the bids equals or exceeds the minimum sum for which real property may be sold under this section or the sale is not completed for any other reason, the real property may be offered for sale as provided in ORS 223.560.

(4) If the sum received for the sale of real property under this section exceeds the amount of the unpaid final assessment, plus interest, penalties and the costs of conducting the sale, the treasurer shall apply the proceeds of the sale as follows:

(a) To the costs of conducting the sale.

(b) To the unpaid final assessment or installment secured by the lien and the interest and penalties.

(c) To persons with recorded liens or other interest in the real property in the order of their priority.

(d) To the debtor or the debtor’s heirs or assigns.

(5) A levy is not required upon lawfully established units of land or tracts on the list described in ORS 223.515, but a notice of sale must be posted four consecutive weeks before the sale of each lawfully established unit of land or tract. [Amended by 1977 c.403 §3; 1991 c.902 §59; 2012 c.47 §3]