Ontario Tax Sale Property Forum
Tax Sale Forum => Alberta Tax Sale Properties => Topic started by: TW on June 04, 2009, 11:24:02 PM
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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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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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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