The Quezon City Office of the City Treasurer shall be having a property tax sale through public auction on July 2, 2009, 10 a.m., at the main entrance, Taxpayer’s Lounge, Quezon City Hall, Diliman, Quezon City. As stated on the notice of sale of delinquent real property which was published last June 15, 2009 in the Manila Bulletin as a special supplement , the real property listed on the notice are hereby certified to be delinquent in the payment of real property taxes, penalties, cost due thereon as of the date.
Property Tax Sale Overview
A property tax sale generally happens when a real property is sold through public auction for nonpayment of real property taxes. Take note that the sale is still subject to a one year redemption period which gives the owner time to pay all taxes due plus interest and surcharges before the City treasurer can execute a final deed conveying to the purchaser (the winning bidder) the said property.
In order to redeem a property, the owner of a real property will have to pay the total amount of taxes, fees, interest or penalties, cost of sale, and other delinquency charges, from the date of delinquency to the date of sale, plus interest of 2% per month on the purchase price to the date of redemption. The winning bidder shall likewise receive the entire purchase price paid by him plus interest of 2% per month computed from the date of sale to the date of redemption. This shall be given to the winning bidder by the City treasurer or his deputy upon the surrender of the certificate of sale issued to him as the winning bidder during the public auction.
In case the taxpayer fails to redeem the property within the one year redemption period, the City Treasurer shall execute a final deed conveying to the purchaser said property, free from the liens of the delinquent tax, interest due thereon and expenses of sale. The deed shall briefly state the proceeding upon which the validity of the sale rests. To get more details like rules and regulations, conduct of sale, etc., it is highly recommended that interested parties visit the Quezon City Office Of The City Treasurer.
Based on the notice, prospective bidders on the public auction sale are required to post a cash bond of Php5,000.00.
My wife and I were able to attend our first property tax sale last November 2008 in Marikina and we learned so much from that experience. What sticks in my mind is that investing in tax foreclosures will either give an annual return of 24% or you get a property at a fraction of its market value. Better read my post about the Marikina Tax Foreclosure Auction to find out more.
To our financial freedom!
P.S. – I am still in catchup mode as I still have lots of post migration tasks to do like posting listings sidelined by the migration, adding e-mail notifications for succeeding comments, using google custom search instead of the default wordpress search, optimizing categories and tags, reformatting and editing of old posts to add categories and tags, and answering all your e-mails and comments. Sorry for inconvenience and please do let me know if you encounter any problems accessing this blog or any of its contents. Thanks!