A family home in Princeton sold for less than the average price of a used car at the town’s annual tax sale.
A house on Similkameen Avenue, described by town finance director James Graham as “livable,” went for the minimum bid of $3,113.24 – the amount of outstanding property taxes.
The property’s owner has until September 2020 to pay three years of tax arrears, as well as penalties, interest, and administrative fees, in order to reverse the sale.
Under municipal resolution the town is allowed to bid up to 50 per cent of the assessed value of a property, at its own tax sale.
Graham said moving to purchase the property would not have been strategic.
“The town has the option of bidding on the property or not.”
The Town of Princeton did acquire a second property for sale, as there were no bidders. A parcel of land – approximately 1,000 square feet and located on the hill behind the Brown Bridge – has little value, said Graham, and it’s unlikely anyone could build on the land.
Graham stressed the municipality is not in the real estate business and does not want to be a property manager.
“The town works at managing the town.”
Graham said there are people who travel and attend tax sales – which are advertised – in hopes of getting a bargain.
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