The numbers usually drop considerably before the day of the City’s annual property tax sale.
And City finance director Sally Edwards doesn’t expect this year to be any different.
So far, the City has 74 properties on this year’s list. They’re all three years owing on their tax bills and whichever ones aren’t paid up by Sept. 30 will go on the auction block on that day at City Hall, 10 a.m. sharp.
Bidders are usually people with money to invest. They get three per cent above the provincial prime rate, which is currently at three per cent. The interest rate is adjusted quarterly.
And, if by one year, the owner still hasn’t paid off the taxes owing, the bidder will buy the property.
This year’s list of delinquent properties includes homes and businesses. The amounts they owe are anywhere from $3,000 to $90,000.