A more aggressive effort to collect outstanding taxes in New Tecumseth
over the past year has reduced the number of properties nearing seizure
and sale from 10 to two as of January.
In March 2012, there were 104 properties (88 residential) in New
Tecumseth that were eligible for tax sales - generally into their
fourth year of arrears - that owed a combined $1.9 million.
Council commissioned Real Tax Inc in May to begin the tax sale process
on 10 properties that were deemed to be most seriously delinquent. As
of December 31, the initial 10 have been whittled down to four, and as
of January 31, two of those had made arrangements with the Town,
leaving two properties with Real Tax.
And of the 65 overall, 41 have struck repayment terms with the Town,
and the remaining will be advised by the end of this month that their
properties will be moved to the tax sales process.
"It is the objective of the Finance Department to work with our
taxpayers to avoid any loss of property and we are pleased that there
have been positive results regarding the initial 10 properties that
were being forwarded to Real Tax Inc," explained Mark Sirr, Director of
Finance in his report to council."
At December 31, 2012, there was $4.2 million in taxes owed to New
Tecumseth, which is down from $6.1 million at June 30, 2012. Interest on outstanding tax balances is marked as projected revenue in the annual budget.