Being the highest bidder at the City’s annual tax auction doesn’t necessarily mean getting a home for cheap, the City’s revenue manager said Friday.
“Lots of people are confused by that,” said Marlie Worrin.
The property owner still has a year to pay any outstanding taxes plus interest on the home, she said. If 365 days pass without payment, then title is passed to the new owner.
The City’s annual tax sale takes place Monday in City council chambers starting at 10 a.m. Worrin said the sale will take as long as it needs to.
As of Friday afternoon there were 11 potential properties up for grabs, as long as the homeowner doesn’t pay up by Monday. Worrin said the homeowners failed to pay property taxes from 2010.
“Which means, automatically, that you’re payment from 2011 and 2012 are outstanding as well,” she said. “Any payments we apply go to the oldest taxes first.”
Most of the properties to be auctioned off are houses. The remaining are strata dwellings. Worrin said the homes are located in various neighbourhoods.
Worrin said one of the homes could have a starting bid of $90,000.
“You need to have some (money) to make a bid,” she said, adding no one will find a home for $2,000.
The City is legislated by the Local Government Act to hold a tax sale on the last Monday of September every year.