WATERTOWN — A White Plains real estate agent has come forward to purchase the tax sale certificates for 14 properties after the city acquired them during an annual auction three weeks ago.
In what was described as an unusual request, real estate agent Karan Garewal wants to acquire the tax sale certificates — worth $45,801.77 — that the city ended up with as the default bidder during a June 25 auction.
Mr. Garewal, who has not seen the properties in person, missed the auction, he said, because he didn’t want to risk traveling from his Mount Kisco home and “physically attend the auction” during the coronavirus pandemic.
Mr. Garewal wants to acquire the tax sale certificates “just as a short term investment,” he said Friday.
The city ended up with tax sale certificates because no one else submitted bids on them at the June 25 auction.
The properties include: a $6,033.16 certificate for the building that houses Shaker’s Bar at 536 Arsenal St.; a $13,297.02 certificate for the Fun Xcape building, 223 JB Wise Place; $2,054.97 for a commercial garage at 805 Huntington St.; and 11 residential properties.
City Comptroller James E. Mills said Friday Mr. Garewal “randomly contacted” him about purchasing the tax sale certificates, describing the request as “unusual” for someone approaching the city about acquiring so many certificates after the auction was held.
“He’s just interested in tax sale certificates and wanted to know what was left,” Mr. Mills said.
During the June 25 auction, the city sold tax sale certificates for 101 properties for $214,632, while the city acquired certificates for these 14 properties and 55 others.
Mr. Mills recommends not selling the certificate for Superior Street property because the house encroaches on another property.
While he’s never been to Watertown, Mr. Garewal said he’s purchased similar liens in other communities and just hopes that the ones he’s purchased from the city “have value.”
Mr. Garewal declined to comment about his real estate company, saying that he’s “a private kind of guy.”
The City Council will be asked on Monday night to approve the transfer of the 14 tax sale certificates. By doing so, the city would avoid the potential of ending up owning any of the properties after it goes through the two-year tax sale certificate process.
“If this person wants to invest $45,000 on these properties, I don’t have a problem with that,” Councilwoman Lisa A. Ruggiero said.
On Monday night, council members also will consider selling another tax sales certificate.
The city also has been approached by West Man Street resident Dennis Esch with a request to purchase the tax sale certificate for 411 Binsse St. The tax sale certificate is in the amount of $269.97. The city also acquired as the default bidder from June’s auction.
The city holds tax sales annually for properties that have gone one year in arrears with city, county or city school district property taxes. The city is made whole when bidders, usually investment firms, pay those delinquent taxes following tax sale auctions.
Delinquent owners have two years after a tax sale to redeem their properties before the owners of the tax sale certificates can request to take ownership of the properties. To do so, they must pay all outstanding taxes and any interest and penalties.
The city imposes a 1-percent-per-month interest charge on properties, which then is given to the tax sale certificate holder, along with the money paid for the certificate, if the property owner pays in full.
If council agrees to assign any of the tax sale certificates, the city would forfeit subsequent months of 1-percent interest that it would earn during the two-year process.
City Council meets at 7 p.m. Monday in the third-floor council chambers at City Hall, 245 Washington St.
Here are the tax sale certificates, properties and owners that would be transferred:
Donald Averell, 850 Superior St., $969.65
Big Windy LP, 708 State St., $2,251.95
Mark Bonner, 644 Bronson St., $3,234.88
Mark Bonner, 113 Rutland St. South, $1,916.72
Charity Inc., 536 Arsenal St., $6,033.16
Edmund Demattia, 315 Hamilton St. South, $3,131.34
El Miller Enterprises LLC, 805 Huntington S., $2,054.97
Fun Xcape LLC, 223 JB Wise Place, $13,297.02
Richard Kellar, 851 Main St. West, $2,023.86
Peter Menard, 565 Morrison St., $990.93
Maria Petrie, 311 Main St. East, $1,208.99
Alfred Rosacia, 542 Cooper St., $6,434.77
Andrew Wren, 324 Academy St., $2,253.53
"selling" - Google News
July 19, 2020 at 05:47AM
https://ift.tt/2WBnijT
Watertown City Council will consider selling tax sale certificates for 14 properties - NNY360
"selling" - Google News
https://ift.tt/2QuLHow
https://ift.tt/2VYfp89
Bagikan Berita Ini
0 Response to "Watertown City Council will consider selling tax sale certificates for 14 properties - NNY360"
Post a Comment