A Windsor Street home assessed at more than $1.7 million is among 116 City of Vancouver properties up for auction on Wednesday with an upset price of $72,051.
The Story
The City of Vancouver will auction 116 properties whose owners have not paid their taxes for three years, with the upset price set at the amount owed to the city.
Among the listings is a Windsor Street home in East Vancouver with a BC Assessment valuation of more than $1.7 million, but an auction reserve of $72,051.
The story’s listing describes the property as being in poor condition, including an overgrown yard, weathered shingles, and back stairs that have disintegrated.
The City’s tax-auction process gives current owners a year to redeem the property by paying their taxes, which would result in a refund to the bidder of the upset fee plus interest.
If the owner does not redeem within the year, bidders must pay the balance of their bid within 30 days after the one-year redemption period ends.
After the Wednesday sale, which starts at 10 a.m., the highest bidders must pay the upset price by noon Thursday.
Interest on refunds is set at six per cent if the property is redeemed.
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