Ontario Tax Sale Property Forum
Tax Sale Forum => Announcements => Topic started by: Tri-Target on February 20, 2011, 06:38:14 PM
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Found This - Take a Look
http://www.town.cochrane.on.ca/files/%7BD07D3260-C1D7-4BD3-9AE4-4D225A24043C%7DTax%20Sale_2010-01.pdf
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>:( Tax per year $400. Assessed at $19700. Min. bid $39686.
Lot size--66'x 132 '
Don't get royaly sucked on this one.If you do buy it--Tax assessed value will increase to your bid price-which will increase from $19.7k to $39.7K+ assessment value. 3 years of non tax payment amonts to $1200 + 30% default = $1500.How did they come up with $39686 ?
Can anyone dispute my thoughts on this--a scam and a bunch of cheats.
Anyone reading this from the Cochrane aea, I need a helper. Go to the townhall and request a freedom of information form. Fill it out ask for the file and calculations of $39686 figure pay the $5.00 ( I'll pay it) then,by law,the town/City must reply within 30days,
We have to put a stop to this theft.Please consider also the owner who has to come up with the fictious gross amount.:'(
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The high min. could esily be the result of the township having to clean up a burned out or condemed building. Also, does anyone know wether unpaid water or other municipal services would be added to the min? I would assume so. As a taxpayer, I would expect my council to try to recoup any and all money owed to us, the taxpayers, by the property owner, through any legal means available to them.
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Having bought property in Cochrane before, I plan to wait until summer before heading up again. I will agree this one is not of interest.
That being said you can always wait for the next one. Lots of swamp in and around Cochrane which I believe that you can pick it up sooner or later (for an affordable price)
That way you can advertise it as 'waterfront'.
Dave2
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Les...you are obviously confused. Yes, as someone said...some municipalities wait many, many years before they put a property up for tax sale, hence there are usually more than three years back-taxes (plus interest) to start with. Then there are the costs of the registration and sale itself. There are a slew of other charges that could be added to any property...and don't forget, we are dealing with the dregs here. Weed cutting charges, boarding up unsafe properties, drainage charges, municipal utilites such as water and sewer, contamination clean-up are just a few that come to mind.
The back taxes on the Plastimet property in Hamilton were miniscule compared to the $8million that the MOE added in clean-up costs.
There is no great conspiracy going on to prevent Les from winning a bid. 8)
>:( Tax per year $400. Assessed at $19700. Min. bid $39686.
Lot size--66'x 132 '
Don't get royaly sucked on this one.If you do buy it--Tax assessed value will increase to your bid price-which will increase from $19.7k to $39.7K+ assessment value. 3 years of non tax payment amonts to $1200 + 30% default = $1500.How did they come up with $39686 ?
Can anyone dispute my thoughts on this--a scam and a bunch of cheats.
Anyone reading this from the Cochrane aea, I need a helper. Go to the townhall and request a freedom of information form. Fill it out ask for the file and calculations of $39686 figure pay the $5.00 ( I'll pay it) then,by law,the town/City must reply within 30days,
We have to put a stop to this theft.Please consider also the owner who has to come up with the fictious gross amount.:'(
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:-*Thanks frank for the attempt to shill for the township. Townships have a duty to put the property up for tax arrears when the 3 year limit reaches. At a 3.50% interest charge compounded each month adds up to a huge interest per year. That is a crime in it self--thank that to Hazel from Mississauga who pushed the high interest rate on Ontario government. The % rates added are a punishment to the owner and OTS, Legal fees and whatever. Yes.I do understand orders are sometimes issued for clean-up and many times none are and left to the new owner to clean up. I know a fee were the clean up was more than what the city was willing to contract out, knowing no-one would bid and be stuck with the property. A sucker is born every minute. A good one was in Halton Hills--few abandoned cars and metal parts--the city slapped $40,000 junk removal and overlooked the soil contamination problem and structual faults but still had outstanding orders. Why hadn't the pending orders been complied and left for the new owner? Luck be it--no-one bidded on the property ;D .
Regarding the Cochtane property,you missed my point--the property is assessed at half of what the min. bid is wanted and once a sucker buys it--MPAC will asses the property to that amount. Here is the intended scam--MPAC will use this high figure to assess surrounding properties. Therefore city collects more taxes. However, MPAC will not allow new owners of Tax arrear bought lands ,if they bid price is lower than the MPAC's assessed value on the property.
OK, maybe the Cochrane sample can be argued without facts. How about try this recent worthless advertised at OTS
25ft x 99 ft Parcel--photo shows middle of a large farmers field plowed. Assume that yearly taxes are $50/year the most,how could the taxes owing become $16,183.23. I'd love to hear your expertise on this one.
Minimum Tender Amount: $16,183.23
"Not Assigned Municipal Address:
Lot 10 Plan 97 Darlington; Clarington. PIN 26606-0048(LT) Legal Description:
18 17 010 020 11716 0000 Roll Number:
Annual Taxes:
Assessed Value:
Map:
25 ft frontage 99 ft deep Property Size (Approximately):
no Is the property on a lake or a bay or a river?
no Is this property accessible by a public or private road?
no Is there a house or cottage on the property?
no Is there some other structure on the property?
Agricultural (A) Zoning
Unknown With the existing zoning, is it possible to obtain a building permit?
Unknown Is it possible to have the property re-zoned?
no Waterfront
Appears to be landlocked :'( Appears?--you got to be kidding!
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The pissing match continues....
Les, I have no intention in following up for you...you can call the treasurer yourself and find out why the taxes are higher, than the assessed value. Could also be the property is rather worthless, and was mis-assessed resulting in high taxes for years...and it was finally reduces...who knows, and who cares. If it ain't worth the nickle then no one will bid on it.
Municipalities don't HAVE to register a property after three years of arrears...they MAY register it after three years. Each situation has a different reason, and if it bothers you then put a quarter in the phone and make the call to find out. I always delayed on registering properties that were inhabited by handicaps and widows, very bad press if you jump all over them...and being a civil servant you have to do the politically correct thing.
Interest rates are higher on tax arrears than getting a bank loan, if you can't pay your taxes...get a bank loan...why should I as a tax-payer, have to suffer for someone else's financial woes. Go talk to the credit card companies and see if they will give you a break.
MPAC does not consider forfeiture sales (tax sales, or forclosures), no do they consider non-arms length sales (transfer your house to your ex-wife at less than market), in their programs of assessment for neighbourhoods. Put a quarter in the machine and call them to verify this if you wish.
Your conspiracy theories are unfounded...no one is out to get Les. 8)
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Also, does anyone know wether unpaid water or other municipal services would be added to the min? .
Yes, a municipality can add water arrears, and some other services, onto the minimum tender amount.
For those of you who don't mind a bit of legalese, the legislative authority for this is Ontario Regulation 581/06. Here's a link to that Regulation
http://www.e-laws.gov.on.ca/html/regs/english/elaws_regs_060581_e.htm
Jeff Oberman
President
OntarioTaxSales.ca
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At a 3.50% interest charge compounded each month adds up to a huge interest per year.
Les...not sure where you got your math degree, but Municipal late payment charges do not compound. If you read the legislation (Section 345 of the Municipal Act), it clearly says that the interest is to be charged on the amount of tax unpaid only. Maximum rate per year is 15 percent....and many municipalities actually charge lower rates (in my opinion they shouldn't).
(3) Interest charges, not to exceed 1 1/4 per cent each month of the amount of taxes due and unpaid, may be imposed for the non-payment of taxes in the manner specified in the by-law but interest may not start to accrue before the first day of default. 2001, c. 25, s. 345 (3).
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Now you have really done it Frank.
and if it bothers you then put a quarter in the phone and make the call to find out.
Les is going to blow a gasket when he finds out it is how 50 cents. The Ma Bell conspiracy?
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Les:
I for one really appreciate that Jeff shows me these. Saves a lot of time. Then I can concentrate on the ones that might have potential. I keep trying to tell you Jeff is only the messenger, it is up to us to decide if we want something or not.
As a now Cochrane taxpayer, I think that the tax assessor and Jeff are doing a good job especially if they can sell the current listing. Hopefully it goes for a big premium and Real Tax can ensure the Municipality gets the money and reduces my taxes,
and it does not go to the Ontario Government. I have actually met her and the treasurer and both were very efficient and friendly.
My biggest complaint of Jeff is that he doesn't tell me the price I have to bid to win on the ones I want. I guess if I wanted that information before the bids were due I would have to agree that that would qualify as a premium service charge. ;D
Your Clarington comment I will switch to that posting with the exception of one pertinent comment. I believe one of the former owners (prior to the town taking it over) of one of my Cochrane properties will shortly have their free hotel stay ended courtesy of the Feds. If the farmer grows big corn plants and you can guarantee no helicopter flights who knows if they might have interest.
Of course those guys only pay in cash and I am not certain if the town would accept their bid.
Dave2
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Now you have really done it Frank.
and if it bothers you then put a quarter in the phone and make the call to find out.
Les is going to blow a gasket when he finds out it is how 50 cents. The Ma Bell conspiracy?
Thanks 26 (rounded)
Shows you how long it's been since I used a payphone. Mom always had me stuff a quarter in one of my shoes...in case I had to call home, guess I'm gonna need a bigger shoe. 8)
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Frank:
My mom would give me 10 cents - so there! Beat you at least once in this lifetime. ;D
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I for one really appreciate that Jeff shows me these. Saves a lot of time. Then I can concentrate on the ones that might have potential. I keep trying to tell you Jeff is only the messenger, it is up to us to decide if we want something or not.
My biggest complaint of Jeff is that he doesn't tell me the price I have to bid to win on the ones I want. I guess if I wanted that information before the bids were due I would have to agree that that would qualify as a premium service charge. ;D
Dave2
Dave,
Thanks very much for the positive feedback. I'm glad that OTS is helpful for you.
As for "...he doesn't tell me the price I have to bid ...", I know that you're kidding, but just so people know, here's what happens: Tenders are never submitted to OTS. They are submitted to the municipalities. The municipalities store them in a safe place, unopened. They only open them after the set date and time for tender opening.
OTS does get the amount of the highest tender, and the number of tenders that the municipality received, for all of our Featured Properties. However, we only get that information after the tenders have been opened. Before the tenders have been opened we have no information on how many tenders have been received or the amount of any of the tenders.
Most of our clients provide us with the amount of the highest tender and the number of tenders received an hour or so after the tender opening. Occasionally they don't send us that info until the next business day. As soon as we have that info on our website, we send out a tweet so that our members will know that this info is available.
Jeff Oberman
President
OntarioTaxSales.ca
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Thanks for the info Jeff.