Ontario Tax Sale Property Forum

Tax Sale Forum => General => Topic started by: worldjohn on October 16, 2009, 07:08:29 PM

Title: powassan results
Post by: worldjohn on October 16, 2009, 07:08:29 PM

100 acres on seasonal road.  Assessed value 33,000

Winning bid  $50,485
No judgement or comments lest I insult the winner... but really?  WTF

second place  $22,266

Title: Re: powassan results
Post by: netpred on October 16, 2009, 08:42:52 PM

Ouch, more than double the second bid.

Title: Re: powassan results
Post by: Pfm1011 on October 16, 2009, 11:23:39 PM

The double does hurt but the 55k is well below area sales for the last year. so although it is above the assessed ( which means nothing whatsoever) it is still way below the market

Title: Re: powassan results
Post by: worldjohn on October 17, 2009, 12:16:45 AM

Assessed values do have some meaning.
They are one of several tools used by many people for determining value.
MPAC tries their best to get accurate assessments (with a bias towards the high side to maximize tax revenues for the governments that pay for mpac services) and use comparable area sales as a guide.
yes sometimes the assessed values are off, but it cant simply be ignored as a tool.

In this case it 33k maybe on the low side.
But no trees of value, no well, unserviced road.  50k seems quite high for a tax sale
it would be interesting if the winners would post thier reasoning for their bids

Title: Re: powassan results
Post by: MrMuggs on October 17, 2009, 04:14:17 AM

True, assessed values MAY have some meaning...but throw a cottage/house on an unimproved lot...watch the assesed value rise in the eyes of the township (but you guys know that already)  ;)

didn't follow this sale...so not sure of the legals/zoning etc...but assessed values can be of some significance in determining what the piece is worth...depending on zoning...and the township...but hell...I'm just repeating waht I've seen here already.  :)

Title: Re: powassan results
Post by: speedfreeksteve on October 18, 2009, 02:22:14 AM

Who knows.. but could just be it was worth that much to the winning bidder. Properties like that can make a decent hunt camp... and even an average property in that area a local can make at least a few grand a year selling bush cords by spending a few weekends here and there cutting and splitting wood. I know a few guys that have bought properties around there for reasons like that.

I don't find the amount that outrageous. Assessments can be used as a guide but it never tells the whole story.