Rick Stiebel/News staff
The City of Colwood is investing in the real estate market, for the time being.
Colwood purchased three properties after the deadline for the Property Tax Sale passed on Monday, Sept. 24 at 10 a.m.
Under the Local Government Act, jurisdictions are required to sell all properties that have not paid taxes for the past three years during the property tax sale. Colwood bid on the three properties in order to provide an extension of the redemption period, mitigate the administrative burden of the annual property tax sale, and allow the City to earn interest on the purchase price until the property is redeemed, said a spokesperson for the City’s finance department. The Local Government Act gives the collector the authority to sell a property for the Upset Price, which equals all outstanding taxes plus penalties, interest, a five per cent tax sales cost and land Title Office fees.
The City does expect that all three properties will be redeemed during the exemption period, which lasts for one year and may be extended another year at the City’s discretion.
Langford, View Royal, Metchosin and the Highlands all reported no property tax sales.