Do we need to get more active in publicizing the downside of Tax Sales

[Dave2]

Glad you asked Davey

yet another tall cold one that you owe me.

I assume that will be in your regular "Yard" glass.  For the newbies on the board "a yard glass of ale" is from 3 -5 pints and once you start drinking you are not allowed to stop.  It does have one advantage if you are stopped on the way home however by the guys you do not want to meet.   You can say truthfully:  "But officer I only had one glass"

[Les Pisrael]

 :'(How many of you know that there is Ontario legislation concerning tax sales that pertain to manciple government? Before you tender-read it. Municipal office must show you the lands profile and reveal the make-up of the minimum bid. They , Must clear all the liens and contracts registered,except interests of Provincial/Feds. Interests? My second advice--the owner can pay off the debt owing upto the last minute before transferred/registered.Some municipal  transfer the deed by their own contracted lawyers--watch out--no cost 2U but factored into the min.bid price. Some like Essex/Lakeshore dump it on you to hire a lawyer and reluctant to wipe out registered liens. Make sure if that happens--your lawyer reads the regs.
Regarding Mississauga--only one property is residential--(used as bait) the rest are land locked useless lands--conservation hazardous lands. Notice the high min values.  Really no bull--One small sliver parcel is a storm sewer outlet adjacent a major road and barrier blocked--watch out--townships are worse than used carsalesmen :^(

[Pfm1011]

Its not actually evil. they have to clear this off the books and use the tax sale to do so.    Frank can confirm but I believe the city must pay the school board budget etc  based on what they should collect  IE assessed revenue, not what they actually do collect . As long as they are  listed as taxes in arrears , they are part of the potential revenue stream and tax base and affect city budgets despite the fact the money will never come.

Of course if someone is stupid enough to bid on flood plain  or conservation land ..caveat emptor ..

.  and another idiot bidder is out of the game

[Frank]

PFM is correct...the municipality must pay the Region/District/County and SchoolBoards their shares up front.  They don't really mind since the interest they charge on arrears is way better than what they could get at the bank. 

When they go to tax sales, they are collecting all three shares.  Interestingly enough they realy don't want any bids, since if there are none, then they get to take the property...at that point they inform the Region/District/County and or school boards of the loss, and those bodies have to take the hit...the municipal share is usually in the low 20%s.   Once that is done the Municipality can declare the property surplus and sell it for half of what it was looking for at tax sale, and still be ahead of the game, sinc the other bodies take the biggest hit.    It's kind of double jeopardy, once it's dead, you can kill it again without penalty.

Its not actually evil. they have to clear this off the books and use the tax sale to do so.    Frank can confirm but I believe the city must pay the school board budget etc  based on what they should collect  IE assessed revenue, not what they actually do collect . As long as they are  listed as taxes in arrears , they are part of the potential revenue stream and tax base and affect city budgets despite the fact the money will never come.

Of course if someone is stupid enough to bid on flood plain  or conservation land ..caveat emptor ..

.  and another idiot bidder is out of the game

[LarasDad]

Interestingly enough they realy don't want any bids, ... Once that is done the Municipality can declare the property surplus and sell it for half of what it was looking for at tax sale

So Frank, what you're saying is we should all get together and form a cartel and then get into bed with all 414 (give or take) muni treasurers so they can post exorbitant minimums (like assessed x 2) that no one will bid on and then we can buy them as surplus for say real minimum plus 20% (to line the treasurers' pockets) -- tax sale nirvana, win-win     

[Frank]

Ah,,, collusion and conspiracy theory...maybe we can write a book.  Who was really behind 9/11, where exactly was Obama born, and who really shot J.R. Ewing.   Sounds like eutopia.   

Interestingly enough they realy don't want any bids, ... Once that is done the Municipality can declare the property surplus and sell it for half of what it was looking for at tax sale

So Frank, what you're saying is we should all get together and form a cartel and then get into bed with all 414 (give or take) muni treasurers so they can post exorbitant minimums (like assessed x 2) that no one will bid on and then we can buy them as surplus for say real minimum plus 20% (to line the treasurers' pockets) -- tax sale nirvana, win-win     

[Dave2]

Ah,,, collusion and conspiracy theory...maybe we can write a book.  Who was really behind 9/11, where exactly was Obama born, and who really shot J.R. Ewing.   Sounds like eutopia.   

Interestingly enough they realy don't want any bids, ... Once that is done the Municipality can declare the property surplus and sell it for half of what it was looking for at tax sale

So Frank, what you're saying is we should all get together and form a cartel and then get into bed with all 414 (give or take) muni treasurers so they can post exorbitant minimums (like assessed x 2) that no one will bid on and then we can buy them as surplus for say real minimum plus 20% (to line the treasurers' pockets) -- tax sale nirvana, win-win     

Frank:

When you write your new book you will need to be suitably inspired. In addition to your yard glass of beer I owe you this article from the UK on the atire or more correctly the lack of it of your fellow female writers may help inspire you. 

http://www.guardian.co.uk/commentisfree/2011/apr/10/women-writers-nude-padlock

This being a family board I will  pass on without comment