Common Cents
Timing is Everything
Location, Location, Calculation
Road to Redemption
100

A person attends a tax sale with $100.00 cash looking to bid on a property.  They are surprised that the bidding did not start at $0.00.  What would the bidding start at?

The minimum bid listed in the advertisement (taxes and fees or minimum bid proposed by council).

100

A right of redemption period is how many months?

Six months.

100

PVSC sends out Notices of Assessment in what month?

January

100

Land can be redeemed by a person with a mortgage, lien or other charge on the land or a person having an interest in the land but most importantly this person?

The owner.

200

John Doe would like to run to the bank to obtain funds to pay for his bid.  Why would you tell him he can not?

The purchaser shall pay immediately the purchase price or deposit, failing which the treasurer shall forthwith put the land up for sale again.

200

Ad advertisement of the sale must take place two times before the sale, the first being at least this many days prior to the sale.

Thirty Days

200

This document is a list of all the properties in a municipality, and their assessed values.

An Assessment Roll

200
Before the redemption period is up we register this type of document.

Certificate of Sale

300

Anna regrets her purchase, she was excited at the sale and bid on a random property.  She paid the deposit but refuses to pay the rest.  When can she get her money back, if any?

When the property sells (the next sale less the expenses of the resale).
300

You have this many days to pay the rest of your bid after a tax sale.

Three Days
300
To be eligible for the capped program, what percentage of the property must be owned by a NS resident?

50%

300

This document is recorded when a property is redeemed.

Certificate of Discharge

400

How many years do you have to hold the surplus funds.

Twenty years.

400
A declaration from a family member wanting clear title has been made at the tax sale.  People start bidding anyway, how long does the family member have to call off the sale and pay the taxes?

Until the gavel falls.

400

Municipalities follow the MGA, what act does PVSC follow?

Nova Scotia Assessment Act

400
No right of redemption would exist if the taxes on the land are in arrears for more than this many years.

Six.

500

What are the two most common types of property where HST is applicable at the tax sale?  

Land Only and Commercial

500

The office closes at 4:30pm, its the final day of redemption and the person is stuck in traffic and its 4:29pm but has a lawyers trust cheque ready to pay the full amount to redeem.  Your office has a camera facing the back door drop box.  Are you allowing them to put the payment in the box late?

Technically they have until midnight so if you can see them on camera depositing the cheque you would have to accept it.

500

There are 3 types of approaches PVSC uses to assess a property, what is the type they typically use for residential properties?

Sales Comparison Approach

500

What is the interest rate per annum that the redeemer must pay on the total amount paid by the purchaser to redeem?

10%

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