Vancouver Tax Sale Property
Source: City of Vancouver - Canada
Tax Sale
In order to encourage timely payment of taxes, the City of Vancouver holds a Tax Sale each November. The Tax Sale process is conducted under the authority of Vancouver Charter. The Tax Sale is a public auction of any property with taxes unpaid at the end of three years.
The tax sale is held at City Hall, 3rd floor Council Chambers, 453 West 12th Avenue.
In-person attendance is required to participate in the auction.
Important Information
IMPORTANT DATES FOR 2006
* Tax Sale List: pick up at City Hall only, available after 12 noon on October 25, 2006
* Tax Sale Date: November 1, 2006
Obtaining the Tax Sale List
One week prior to the Tax Sale, the City releases a Tax Sale List. The listing identifies the properties liable for tax sale. For each property, the following information is provided:
Folio Number
Property Address
Legal Description
Most Recent Land Values
Most Recent Improvements Values
Subsequent Taxes
Upset Price
The City issues the Tax Sale List and makes it available, to the public, for in-person pick-up. Copies can be obtained on request at the reception area in the main foyer of City Hall. A master list is posted in the foyer and manually updated on a daily basis.
The Tax Sale listing is subject to change up to the time of, and during the Tax Sale Auction.
Pre-Auction
Room capacity is limited and is made available on a first come, first served basis. There is no pre-registration to participate in the Tax Sale auction. Successful bidders are required to provide personal information upon becoming the successful bidder for a property.
Auction Process
The auction commences at 10:00 a.m. continuing until the list has been completed.
Property bidding begins with the Upset Price, being the total of the oldest years' taxes plus interest to the date of sale plus some additional charges. When the Upset Price has been bid, the next bid is for the surplus over the Upset Price.
Bidders do not require registration cards to bid. Bids must be called out during the auction, and the auctioneer will acknowledge bids received.
Making Payment
Successful bidders must secure their bid by payment (cash, debit card, certified cheque, or money order made payable to the City of Vancouver) of the Upset Price by noon of the day following the sale. The surplus bid amount is due in one year if property is not redeemed.
Acceptance of payments does not commence until the auction has been completed.
If intending to pay via debit card, you may wish to contact your financial institution in advance to determine your daily limit. Upon payment, the successful bidder receives a Certificate of Purchase.
After the Auction
The Vancouver Charter allows one year after the date of the auction for the Tax Sale Property to be redeemed from the Tax Sale process. In the event of redemption, the successful bidder will receive interest at the prescribed rate on the monies paid to the date of redemption.
If the property is not redeemed, the process to transfer ownership of the property to the new owner commences.
Contacts
If you are a property owner facing Tax Sale, you may wish to contact the Tax Sale Desk at 604.873.7635
Next: Types of Tax Liens
|
