Ontario Tax Sale Property Forum
Tax Sale Forum => General => Topic started by: Rob on May 17, 2006, 03:39:15 PM
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To get an idea how a tax sale property sale works, here are some recent tax sale results. You will notice some tax sale properties received no bids even though the assessed value was higher than the minimum bid.
For the listings: http://www.taxsaleproperty.org/Tax-Sale-Ontario-8-April-2006.html
for Highlands East
Roll No. 46 01 901 000 07800 0000, Part Lot 2 Concession 1, geographic
Township of Glamorgan, Municipality of Highlands East, County of
Haliburton (No. 19) designated as Parcel 36 on C. Riley, O.L.S. Plan
October 20, 1969 as described in Instrument No. 48364. File No. 04-01
Minimum Tender Amount: $3,377.80
RESULT:
Assessed value: $6,800.00
Highest Bid: $5,100.00
Roll No. 46 01 902 000 37100 0000, The C.N.R. Right-of-Way, as
shown in green on plan attached to Instrument No. 22702, passing
through Lot 35 Concession 6, geographic Township of Glamorgan,
Municipality of Highlands East, County of Haliburton (No. 19) save and
except the easterly 1,050 feet previously conveyed and save and except
the mineral reservations as referred to in Instrument No. 22702, as
described in Instrument No. 31008. File No. 04-04
Minimum Tender Amount: $2,550.53
RESULT:
Assessed value: $2,400.00
Highest Bid: None
Roll No. 46 01 902 000 05050 0000, Part Lot 12 Concession 6, geographic
Township of Glamorgan, Municipality of Highlands East, County of
Haliburton (No. 19) designated Part 2 on Plan 19R-3099. File No. 04-06
Minimum Tender Amount: $3,323.54
RESULT:
Assessed value: $12,400.00
Highest Bid: none
Roll No. 46 01 901 000 66801 0000, Part Lot 25 Concession 5,
geographic Township of Glamorgan, Municipality of Highlands East,
County of Haliburton (No. 19) designated Part 1 on Plan 19R-5916.
File No. 04-07
Minimum Tender Amount: $2,731.18
RESULT:
Assessed value: $6,800.00
Highest Bid: $4,000.00
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I have to wonder at the "ASSESSED" value of a property, Just how much credence should one give to this value? Does anyone know what significance this # has and how it actually compares to the current fair market vale of a given piece of property? My experience is that often the assessed value and actual market value can be quite different.
By the way Rob thanks for this sample of what they actual went for, or didn't go for it's interesting to follow through even if I didn't put a bid in on them. ;D
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Assessed value is important when determining taxes of the property. When determining fair market value, the values never match. But I still believe it holds an important value and if the city assessment value is lower then the market value assessment that can give your property a boost in value because the taxes are below fair market rate.
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Assessed value is important when determining taxes of the property. When determining fair market value, the values never match. But I still believe it holds an important value and if the city assessment value is lower then the market value assessment that can give your property a boost in value because the taxes are below fair market rate.
I work in the lending field and one thing that I found very interesting is an appraiser will usually appraise a home for around the same value of the tax assessment or slightly a little bit lower. Just as an example.. recently I had a home appraised and it came in at $120k.. tax assessment read $128k so there was a little decrease. Most lenders would take someone's home as collateral before they even looked at a free and clear vehicle.
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Assessed value is important when determining taxes of the property. When determining fair market value, the values never match. But I still believe it holds an important value and if the city assessment value is lower then the market value assessment that can give your property a boost in value because the taxes are below fair market rate.
I work in the lending field and one thing that I found very interesting is an appraiser will usually appraise a home for around the same value of the tax assessment or slightly a little bit lower. Just as an example.. recently I had a home appraised and it came in at $120k.. tax assessment read $128k so there was a little decrease. Most lenders would take someone's home as collateral before they even looked at a free and clear vehicle.
I'm not sure that it's always that way. My cottage property was assessed at $11000 when I bought it. I paid $22500 for it at the time and I felt like I stole it considering it's an acre of waterfront just north of Muskoka. Now things have totally reversed.. I built a cottage there and my assessment is higher than any cottage/home that has ever sold in the general area (over $250k)... and mine is certainly not the biggest/nicest of them all.
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SuperFreak Steve.. I was talking more about homes in a city. If we are talking Muskoka then your investment in your cottage has skyrocketed as I just read an article stating that Hollywood stars are buying up cottages there like mad. Maybe Spielberg will offer you you half a mill for your cottage.. pocket change for him!! :D
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I'll give you $35k for that cottage in Muskoka - site unseen. Please let me know who I write out the cheque to and when I can pick up the keys.
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I'll give you $35k for that cottage in Muskoka - site unseen. Please let me know who I write out the cheque to and when I can pick up the keys.
Very funny. I'll never sell it. Took me 6 years to build, and it's almost done. I swear I've got 20 grand in drywall alone tied up in it. ;)
There is land up there you can still scoop for a half decent price from locals. The ones that don't have the ambition to research what their land is actually worth or to advertise it.
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If you have any insight on vacant land waterfront land Muskoka still going for 30,000 or so, please IM me :)
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:D
Rob
At that price, we should buy a dozen each. I'm in as well.