Ontario Tax Sale Property Forum
Tax Sale Forum => Questions and Answers => Topic started by: JulyB on August 28, 2006, 03:40:58 AM
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The minimum tender amount (minimum price) should be the total tax arrears up to the moment that the municipal decided to go for tax sale, usually 3 years in arrears. How come there were lands that the annual tax was only a few hundred dollars but the minimum price was over twenty thousand dollars?
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The minimum tender amount (minimum price) should be the total tax arrears up to the moment that the municipal decided to go for tax sale, usually 3 years in arrears. How come there were lands that the annual tax was only a few hundred dollars but the minimum price was over twenty thousand dollars?
First possibility is the municipality has waited more than three years (and by the way, it adds up to four when you also consider that they have to wait another year once it is registered, before they can conduct a sale). I have seen situations where there are twenty years taxes owing for various reasons.
Another, is that the property was used for something else (which has now gone) which attracted a higher tax rate and assessment, and thus the current tax charge appears to be quite small by comparison.
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Another, is that the property was used for something else (which has now gone) which attracted a higher tax rate and assessment, and thus the current tax charge appears to be quite small by comparison.
This is the 'only' reason that I could think of. The lands I came across were just about $500 tax per year, but the minimum prices were all over $18,000.