The city realized a nearly $91,000 profit on the sale at auction of three properties that were seized last year because of delinquent property taxes.
Back taxes on the three properties totaled $66,686 and they sold for $157,500.
The names of the buyers were not released in a memo given to the City Council prior to Monday's meeting.
The properties sold were:
- 339-341 Ellicott St. ($23,062 taxes owed, sold for $44,500)
- 10 Swan St. ($18,730 in taxes, sold for $72,000)
- 61 Oak St. ($24,894 in taxes, sold for $41,000)
This time things worked out in the city's favor, City Manager Jason Molino said. Sometimes properties at auction go for less than the unpaid taxes.
No applauds here for Mr
No applauds here for Mr Molino
The properties sometime sell for less than the unpaid taxes because the city doesn't act on unpaid property taxes.
Why does the City of Batavia take 5 years to file tax liens on property??
Back taxes on the properties after 1 year were only $10500.
If the city filed the lean after 1 year and sold the properties for $157,500, they would have made a profit of $147,000.
Thats $66,000 more in city coffers plus interest.