Properties can be auctioned via the auction house. If an auction is successful (that is there were 1 or more bids which exceeded the reserve) then the cash is automatically credited to the previous owner, and ownership is automatically transferred to the winning bidder.
Bids are refunded when the player is outbid. It is possible to specify a "buy now" price on an auction.
To prevent overpowering and over-ownership of the game, all property owners are liable to pay property tax. Property tax is paid on a banded basis, as explained below.
Property tax is paid directly from character cash at 6:30pm (UK Time) daily. If you do not have enough cash on hand to cover your property tax liability your properties are repossessed and auctioned.
You can see your property tax liability summarised, and previous tax statements in the property tax page in the game.
Each property is assigned a point score based on its value. The total of this point score is what you pay tax on. You then pay tax on every point, depending on how many points you have you may pay more per point.
Money Transfer Agency
Rate Per Point
1 - 5
6 - 10
11 - 20
To simplify this, an example property portfolio is below