City to hold tax auction on 20 properties

The city is hoping to sell some real estate next month in an attempt to recover outstanding property taxes, unless the current owners step forward to pay their debts before the sale.

“Approximately 20 properties will be offered for sale on Sept. 26, 2013,” says a report presented to city council on Tuesday. “Full payment in certified funds by the current property owner will be accepted up until 3 p.m., after which tenders will be opened at 3:30 p.m. the same day and a successful bidder declared.”

The city must follow rules outlined in provincial legislation to auction such properties. For example, the debt must be at least three years old and the property owner must be given the chance to enter into an extension agreement with the city to repay the debt.

After all efforts to recover the taxes have been exhausted, the owners are informed of the auction and how much time they have before someone else can buy their property.

If the land fails to sell, the city has the option to “vest” or take over ownership of the land. This week, the planning committee approved the vesting of 20 such properties that failed to sell at auction.