UPDATED SEPT 23:
The updated City of Kelowna tax sale list has shrunk by 21 properties.
As of Sept. 20, there are 38 properties in Kelowna that have not at least paid the delinquent portion of their property taxes owed.
While the tax sale takes place Sept. 30, the city’s website states, “These properties may be withdrawn from the Tax Sale upon payment of delinquent taxes plus interest from Jan. 1, 2019 to the date of payment.”
“The payment must be by guaranteed funds (cash, debit, certified cheque, or bank draft) and received by City Hall cashiers prior to 9am on Monday Sept. 30, 2019.”
A Kelowna lake-front home assessed at $10 million has been successfully removed from the tax sale list.
ORIGINAL STORY:
Homes in Kelowna could be up for grabs later this month when the city holds its annual tax sale — including one that’s worth $10 million.
According to the city, it may sell properties on which there are delinquent taxes.
However, if you’re thinking of snapping up a home in the Central Okanagan for pennies on the dollar, think again, as the odds of that happening are near zero to none.
WATCH BELOW: (Feb. 27, 2019) Regina owed $12M in unpaid property taxes
On Friday, the city released a public notice showing 59 properties that were in arrears, including one that owes $161,637.85. That property, at 4358 Hobson Road, happens to be the city’s most expensive listing.
According to BC Assessment, the 9,700 square-foot home, built in 1974, is worth $10.5 million, with the land being worth $5.6 million and the buildings worth $4.9 million.
The tax sale will take place Monday, Sept. 30, at 10 a.m., at city hall.
Yet in releasing the list, the city noted that properties may be withdrawn from the tax sale list upon payment of the delinquent taxes prior to 9 a.m. on Monday, Sept. 30.
For example, a property that owes $10,000 can be taken off the list if the owner pays the delinquent portion, which could amount to $3,000 or so.
Most of the 59 homes listed by the city owe less than $10,000, but 22 owe more than that amount.
Owing the second most in arrears, at $87,227.13, is a two-storey commercial building at 1131 Sutherland Avenue, while the third-most in arrears, at $26,287, is 1046 Fuller Avenue.
Those respective properties, according to BC Assessment, were worth $1.6 million and $1.55 million.
WATCH BELOW: (July 12, 2019) Possible property tax hike in Vancouver next year
Last year, the city said approximately 80 properties were put on its tax sale list, but only one was sold. A spokesperson said the city’s goal is to have zero properties on the list, adding that for some years, zero homes were sold.
Further, the city is required to advertise the tax sale list twice, so a second list will be released next week. The city expects the number of properties to drop from this week’s list.
WATCH BELOW: (Jan. 10, 2019): Alarm over skyrocketing property taxes in Burnaby
If the tax sale does go ahead, the city said successful bidders are required to pay by 12 p.m. that day, and that the city “makes no representation, expressed or implied, as to the condition or quality of the properties to be sold.
“Prospective purchasers are urged to make all necessary inquiries to determine the existence of any bylaws, restrictions, charges, or other conditions which may affect the value, or suitability, of the properties.”