If property taxes remain unpaid for a specific period of time, the Municipal Act provides for the sale of the property. The City registers a Tax Arrears Certificate if taxes remain unpaid on vacant or improved land for three years prior to January 1 of any year. These timelines apply to both residential and non-residential classes of property.
A Tax Arrears Certificate indicates that the property will be sold if taxes, penalties, interest and reasonable costs incurred by the City are not paid within one year of registration of the certificate. Once a certificate has been registered, partial payments cannot be accepted, but an extension agreement may be arranged with the owner prior to the expiry of the one-year period.
The City may advertise the property for sale for non-payment of taxes if the cancellation price is not paid within one year of registration of the certificate. Advertisements are generally published in the La Vision for four consecutive weeks and the Ontario Gazette for one week. Using forms included in the tender package, the bid plus a certified cheque for 20 per cent of the tendered amount must be submitted in a sealed envelope prior to the specified time. To be eligible, bids must be at least equal to the advertised minimum tender amount. The successful purchasers will be required to pay the amount tendered plus accumulated taxes, penalties and interest, HST if applicable and the relevant land transfer tax.
From the day of notification to the highest bidder, this eligible bidder has 14 calendar days to complete the transaction. All tax properties are sold without warranty and are sold as is.
Please click on the link to the tender package for more details on each property available in the upcoming sale on May 9th.