Town of Bracebridge writes off 10 year old tax debt
The town of Bracebridge is getting caught up on some overdue paperwork, specifically writing off a $30,000 residential tax debt that has been ten years in collection. With interest and penalties, the final amount being written off is nearly triple that amount.
According to the Director of Finance for the Town, Stephen Rettie, the act of selling properties to recover overdue tax is not uncommon, but he says one with a 10-year pedigree is unusual.
Now, the town can use the property, located on Sherwood Forest Road, for whatever needs it might have.
In terms of lost revenue Rettie says it won’t be felt because the budget provided for tax shortfalls every year.
Rettie says once the backlog of properties is cleared the town will go a maximum of three years before resolving issues through sale and tender.