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Author Topic: Resrves at $267k?  (Read 8003 times)
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TW
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« on: June 04, 2009, 05:24:02 PM »

Hi I'm fairly new to all this and i was looking at a few properties for the upcoming Tax sale in the Crowsnestpass (AB). (July 8th Auction).  I called about one property and was advised the reserve bid is $267 000.  Is this normal?  It seems like the municipality has either 10 years taxes owing, as taxes are approximately $2500 a year there, or they are trying to auction off a property that they already own.  Does this sound normal?
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Pfm1011
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« Reply #1 on: June 04, 2009, 06:02:12 PM »

It seems like the municipality has either 10 years taxes owing, as taxes are approximately $2500    

at 267000...It would be 100 years worth

Many times with high reserves such as that, the land may have been contaminated and cleaned ( partly) and they add that to the minimum. Sometimes it can be legal costs  related to a zoning fight etc.. I would bet on the cleanup costs story and definately run away
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TW
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« Reply #2 on: December 08, 2011, 06:44:48 PM »

There is something odd in Alberta.  I have been looking at properties on here and through other sources for the Alberta tax sales.  95% of the time the properties are paid off by the owners before the sale comes up and it is cancelled.  This is not the odd part.  I have found 7 properties in various jurisdictions that have had reserves on them of over $200k.  This seems odd to me as i thought they were to only be collecting taxes and normally if 1 year goes by and the taxes have not been paid, the property goes up for sale.  Is this the towns and counties trying to make extra money?
TW   
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