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How big are municipal taxes for big houses?
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Author:  kf095 [ Tue Apr 10, 2007 9:06 am ]
Post subject:  How big are municipal taxes for big houses?
It might be too obvious, but I would like to ask this question.
If it is big, let’s say, 2500sqf two cars garage house with price from the builder which is above 400K.
Is it going to be reflected in municipal taxes? Are taxes going to be above 4K per year?
The reason I’m asking to help me with this is because we never have houses at this range.
We are looking to buy something bigger for our big family. With extended downpayment we will be able to keep low mortgage payments, but if we will have to pay about 400 CAD every month for taxes we are not able to make it.
Please, help to find out.
Author:  Tim&Sandra [ Tue Apr 10, 2007 9:08 am ]
Post subject: 
My single car 1800 sq/f Land and building tax is ~$3300/y

Based on last years bills.

Tim
Author:  williamb [ Tue Apr 10, 2007 9:09 am ]
Post subject: 
maybe you should consider buying something alittle smaller
Author:  Dream [ Tue Apr 10, 2007 9:12 am ]
Post subject: 
The tax rate is based on the value of the home... if the home is worth double, the taxes will be double.
Author:  my2boyz [ Tue Apr 10, 2007 9:13 am ]
Post subject: 
Our house, 2 storey, double garage is just over 2500 sq.ft. MPAC assessed value is $385,000 our taxes are just under $3,500/year. Our lot is a pie so 41' width front, 65' width back x 93' deep.
Author:  kf095 [ Tue Apr 10, 2007 12:21 pm ]
Post subject: 
Thank you, for replies.
Interesting.
1840 sqf single garage house is 3300 to be paid in taxes
2500 sqf two cars garage house is almost the same taxes 3500.
They are in HV and are about of the same age, if I’m correct.
Author:  The Home Hunter [ Tue Apr 10, 2007 12:44 pm ]
Post subject: 
The taxes are based on the assessed value of the home - sometimes called 'Current Value Assessment.' The principle follows that each year, the municipality updates the assessed value of your home with an approximate figure which represents the value on the open market. This figure is then multiplied by a 'mill rate' to determine the taxes.

For 2006, the mill rate for Urban Milton was $0.900159/$100 of assessed value - meaning that a home assessed at $400,000 would pay taxes of $3600.64 per year. It's important to note that homes are generally assessed at less than market value, so it's more important to know how your home compares to similar homes in the area.

BTW - Milton has some of the lowest taxes in the entire GTA, significantly lower than Mississiauga, Brampton or Hamilton.
Author:  kf095 [ Tue Apr 10, 2007 12:48 pm ]
Post subject: 
Thank you very much.
Author:  hockeymortgagemom [ Tue Apr 10, 2007 3:41 pm ]
Post subject: 
maybe I shouldn't say this out loud, but heck we're moving shortly....ou 1800 sq foot house hasn't been reassessed.....YET..... :lol:
So we still pay around $2400-$2600 ish. We're a 36' with single garage.

Good Luck...I usually use just under 1% of the purchase price to determine the approx taxes...ie. if the house purchase price is $400,000, I normally work with say $3600-$3700....just my rough assessment, so I could be off, but I have found it to be a good number to work with.

Good Luck...and if you want some help figuring out affordability for payment/tax amount, etc. etc. I wouldn't mind at all. I have all different kinds of products to help with affordabilty...as though not everyone agrees with it....sometimes you just want to be in the house and enjoying it sooner than later..let's face it.

So there are pros and cons for each individual situation.

Jessica :)
Author:  Tim&Sandra [ Tue Apr 10, 2007 4:31 pm ]
Post subject: 
The Milton tax offical gave me a quick estimate before I moved in so that I could budget my money.

Take the full puchase price of your house and multiply it by 1% and that is what you should put away a year.

Tim
Author:  kf095 [ Tue Apr 10, 2007 7:19 pm ]
Post subject: 
I was asking them on the phone later on today and they told me the same. 400K house is going to be 4K. Not big difference from 3300 per year.
I know it is going to be little bit more expensive on gas, but don't know how much is hydro bills to run AC in hot summer to keep all five bedrooms around 24C.
My wife told me I'm responsible for final decision to go big from 1840 to 2500.
I think this is going to be tide under single income with taxes and utilities bills.
Author:  Tim&Sandra [ Tue Apr 10, 2007 9:32 pm ]
Post subject: 
The Home Hunter wrote:
For 2006, the mill rate for Urban Milton was $0.900159/$100 of assessed value - meaning that a home assessed at $400,000 would pay taxes of $3600.64 per year.


To verify Hunter, look here.

http://milton.ca/corpserv/Taxrates2006.pdf

Tim
Author:  kf095 [ Wed Apr 11, 2007 10:53 am ]
Post subject: 
Same number.
Low number compare to Georgetown.
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