khan657 wrote:
I was a bit confused about the PTP program and its requirement and thought I'd ask the people on this forum for clarification
On the application form, there is a box for "arrears Plan"...what is this? Do we have to check it off?
also, boxes 1 and 2 require for
1. all current intrim and other taxes to be paid prior to signing up for a payment plan
2. The property is fully assessed (land and structure)
How do we know whether or not the assessment has been done?
Thanks in advance
Hopefully I can answer some of your questions - I used to work in the tax department.
1. The arrears plan only applies to those who require a payment arrangement if you have outstanding taxes.
2. All current interim & other taxes to be paid prior to payment plan - the payment plan cannot be started if you currently have upcoming installments due. For example: if your tax installments are due March, April and May, all those installments need to paid first - so your payment plan would not start until June.
3. Property to be fully assessed - if you have a brand new property, your property may only have a land value, with y our structural assessment to be assessed later (could take up to 3 years, so you would need to save money each year for estimated taxes). Usually if you look at your tax bill and look at the assessed value, you should be able to determine whether it's fully assessed or not. For example: If your assessed value is 68,000, it's most likely just your land. If your assessed value is 289,000 then that would be your full assessed value.
Hope this helps.
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