An auction will take place in Vancouver Thursday to recoup around $600,000 in unpaid property taxes. Twenty-eight properties including 11 condo suites will go under the hammer following failures to pay taxes from 2012 to 2015. The Province reports that the starting prices for each property will be the unpaid taxes plus 5 per cent. The process does not usually end with owners losing their homes or business premises however; bidders pay the taxes but then owners can clear the debt within a year and pay the successful bidder 6 per cent interest, without losing their property. That happens 99.9 per cent of the time according to Vancouver’s financial services director Esther Lee.
MBN
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