Tax Sale Wrap
Prince George, B.C. – There were more than 100 properties listed for tax sale in Prince George, but by the time the dust settled before the auction on Monday less than half were up for auction as the property owners paid some if not all of the outstanding taxes.
54 properties were offered for tax sale at the auction, 31 had public bids for a total amount of $309,589.00. with no bids on the remaining 23, the city was declared the purchaser.
However, the purchasers can’t count their chickens before they’ve hatched, as they won’t officially be named the owners of the properties they purchased at auction until September 29th of next year. The current owners have until that date to come across with the outstanding taxes owed on the properties. If that’s done, the auction purchasers will be refunded their money plus interest.
Here is the list of properties that were offered and the results of the auction: (clicking on the image will make it larger)
Comments
How do the tax sales work? The purchaser own the property and house on it?
The previous owner has one year after the tax sale to pay the taxes so the purchaser can not do anything with the property, etc. for that year. If the taxes are paid during the year the purchaser is refunded the purchase price plus interest. Some people go to the tax sale as they receive a better return on their money than any other investment.
Isn’t this a weird system? I understand a reasonable delay in taking the property so that the delinquent owner can pay the taxes, but I always thought that was in the lead up to the auction. Doesn’t making the auction sale conditional bias the sale toward speculators and against people who actually want to use the property?
What about the banks involved? Does the new owner also owe the bank loan? Why would a bank let a property they hold a mortgage on be sold out from under them? Odd thing tax sales….
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