Tax Sales Property Auction
Properties with three years of outstanding taxes are auctioned to the highest bidder with a starting price set at the outstanding taxes plus a 5% administration charge.
Once payment has been made, a tax sale charge will appear on the title. The existing owner has one year to redeem the property by paying the total outstanding charges and interest costs. If the owner redeems, the City will return the initial purchase price plus all interest paid by the original owner to the bidder, and the tax sale charge will be removed from the title.
Rarely will properties with a building or structure change hands as a result of the tax sale. Original owners have the right to redeem the property within one year after the tax sale date. The only benefit to the bidder is usually a reasonable return for their money. By law, the current property owner must pay the bidder interest. The interest rate is set by the Province pursuant to section 11(3) of the Taxation (Rural Area) Act. The current interest rate is 10.20% and will be adjusted quarterly, in line with interest trends.
|Time & Date:
|10:00am, Mon, Oct 7, 2024
|City of Richmond Council Chambers
6911 No. 3 Road, Richmond, BC
All bidders must:
- Pre-register between 8:15am - 9:30am at City Hall.
- Pay $180 non-refundable registration fee by debit payment.
- Provide a certified cheque or bank draft made out to the City of Richmond for the maximum amount they will be spending at the auction.
If a bidder was unsuccessful at the auction, the certified cheque will be returned to the bidder.
If a bidder was successful in purchasing a property or properties, the successful bid price(s) will be deducted from the certified cheque and a refund of the balance will be available to the bidder within 2 business days.
Only registered bidders will be allowed into designated Council Chambers for the tax sale process. Friends or family of registered bidders are prohibited.