Ontario Construction News staff writer
The City of Toronto is holding a property tax sale for 22 properties with a combined total of more than $21.1 million in unpaid property taxes. The bidding period to purchase properties is open until June 29.
Once a property has accumulated property tax arrears of two years or more, a Tax Arrears Certificate is registered against the title of the property. Typically, tax sale properties have large outstanding arrears and may not be occupied, or the owners may be deceased or have relocated and next of kin cannot be found.
Properties can be purchased by anyone by submitting a tender on the approved form and all bid amounts must meet or exceed the minimum tender amount. The city accepts the highest eligible offer.
All completed tenders must be accompanied by a deposit (in the form of a certified cheque or bank draft) of 20 per cent or more of the bid amount and must be submitted to the Revenue Services Inquiry and Payment Counter at the North York Civic Centre, 5100 Yonge St., by 3 p.m., June 29.
Deposits are returned to unsuccessful bidders. Full payment must be made within 14 days, and a tax deed for the property is prepared.
The public tender opening is scheduled to be held at Memorial Hall, Burgundy Room, 5110 Yonge St., on June 29, 3:30 p.m.
Properties are purchased in “as is condition” – bidders are strongly advised to seek legal counsel before submitting a bid or taking ownership of a property, as new property owners become responsible for any existing liens or other claims on title, or any remediation that may be necessary.
Those interested in submitting a bid on the properties may pick up a tender package at the Revenue Services Inquiry and Payment Counter at North York Civic Centre, Monday to Friday, from 8:30 a.m. to 4 p.m., for a cost of $38.57.
Questions about the tax sale can be referred to the Revenue Services collection line at 416-395-0174. Further details about the tax sale are available at Toronto.ca/saleofland.