TAX SALE

Prospective Bidder Information

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• Very few properties are purchased by tax sale as the owner has one year to redeem the property.

• Owners retain rights during the redemption period including the right to possess the property; they have the right to remain living on the property.

• Prospective bidders are advised that is their responsibility to search the title of the property in advance to determine if there are any charges registered against the property.

• The lowest amount for which a property may be sold at tax sale is the upset price. The highest bidder above the upset price must be declared the purchaser.

• Only the following modes of payment will be accepted: Debit, Cash, Certified Cheque, Bank Draft or Money Order.

• A municipal council may designate a bidder on behalf of the municipality. If there is no bid, the municipality must be declared the purchaser.

• The purchase of a tax sale property is subject to tax under the Property Transfer Tax Act on the fair market value of the property at the time of the conveyance.

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How to Avoid Tax Sale

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• Pay your delinquent property taxes as soon as possible, before the tax sale on the last Monday in September, as interest is charged daily.

• Claim your Home Owner Grant (if applicable) by the due date.

• Pay your delinquent tax balance by the last business day in August to avoid your property from being listed in the newspaper. Only payments received before the ad deadline will be removed from the list of properties listed in the local newspaper.

 

How to Pay

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• Cheques that are not certified are accepted until the last business day in August.

• Certified cheque or money order.

• Bank draft.

• Debit (please ensure that your account limit is adjusted to cover the amount payable).

• Cash (at the Village office).

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Redemption Period

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The current owner has one-year after the property is sold at Tax Sale to pay all taxes, interest and charges to retain ownership of their property. This is called the redemption period.

 

Registered charge holders, as well as the owner, have full rights to redeem the property. To redeem the property, the charge holder must remit the upset price, plus interest on the purchase price at the rate set by the Province within one-year of the Tax Sale.

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The upset price is calculated as the sum of:

• Outstanding current, arrears and delinquent taxes,

• Penalties and interest on tax balances,

• 5% of the outstanding taxes, penalties and interest, and

• Fees as per the Land Title Act

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As soon as the property is redeemed, the Collector will refund to the Tax Sale purchaser, the purchase price, plus interest, to the date of redemption.