Ontario Tax Sale Property
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Bid On Assessed / Appraised Value
Chapter: SHERIFF SALES
Reenster
I apologize in advance, because I'm sure this question has been asked. I just joined, (today) and was just recently introduced to the world of tax sales, (yesterday) What I can't figure out is, how do you know what to bid? Is there a standard, ie: 1/2 the appraised value? I've read about some sales going for way more than appraised value, and some for just over minimum.
speedfreeksteve
Don't confuse assessed value with appraised value. Often in these sales you will see the assessed value listed on a property. More often than not, the assessed value is not in line with the real value of a property. It's mainly used as a rough figure to be taxed against. In fact most properties and homes are assessed without even being looked at in person by the town.
I think some people just get carried away in the whole process. Not that it's unique to tax sale auctions.. I have been at goods auctions where TV's and computers were selling for more than what a new one at Walmart would cost.
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