OLDS — Town council has set Thursday, Oct. 26 at 2 p.m. in council chambers as the date, time and place for a tax recovery sale.
Council made that decision during its Aug. 28 meeting.
The purpose of the sale is to sell properties for which taxes remain unpaid.
A report in that meeting’s agenda package notes that taxes become arrears on Jan. 1 of the year following the original tax levy.
If they remain unpaid, under the province’s Municipal Government Act (MGA), there’s a lengthy process which leads to tax recovery sales.
On Oct. 26, five properties will be up for sale under that process, with reserve bids for each, as required under the MGA. Each sale is also subject to reservations and conditions contained in the existing certificate of title.
“The Municipal Government Act 419 (a) requires that when a parcel is to be offered for sale at public auction, the council must set a reserve bid that is as close as reasonably possible to the market value of the parcel,” the staff report said.
“KCL Consulting Inc. was asked to provide an estimate of the market value of the properties that are to be offered for sale at the public auction.”
