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 Post subject: Property tax question
PostPosted: Wed Nov 05, 2014 11:18 pm 
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Joined: Sun Mar 21, 2010 9:37 am
Posts: 34
Hello,
We moved into the newly build home this August.
I just received the property assessed value from MPAC and the assessed value is around $180,000.

It is about 1/4 of our home purchase price. According. To this our property tax for tax year 2014 is about $1283. Pretty similar in year 2015.

I checked other number on our same street and looks all the new homes got that same from MPAC online search.

Is this try or a mistake? Anyone heard about this? This is unbelievably low.

Thanks


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PostPosted: Thu Nov 06, 2014 12:29 am 
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Joined: Tue Jan 07, 2014 2:40 pm
Posts: 140
Location: Milton, Ontario
xishuangshanhe wrote:
Hello,
We moved into the newly build home this August.
I just received the property assessed value from MPAC and the assessed value is around $180,000.

It is about 1/4 of our home purchase price. According. To this our property tax for tax year 2014 is about $1283. Pretty similar in year 2015.

I checked other number on our same street and looks all the new homes got that same from MPAC online search.

Is this try or a mistake? Anyone heard about this? This is unbelievably low.

Thanks


Your property value has yet to be assessed.

The value of $180k is the assessed land value.

Put some money aside for taxes, as once the property is assessed, you will most likely have to pay back taxes from your date of possession.

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PostPosted: Thu Nov 06, 2014 7:26 am 
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Joined: Fri May 04, 2007 8:35 pm
Posts: 3250
https://www.milton.ca/en/live/resources ... ay2013.pdf

This is a good resource for new home owners.


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PostPosted: Thu Nov 06, 2014 9:28 am 
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Joined: Thu Nov 15, 2007 3:55 pm
Posts: 5278
Location: 4th line / St Laurent
When the full assessment is done, you'll get a hefty bill called a "Supplementary Tax Bill" which will be all the makeup charges dated back to when you took possession.

Since the Milton tax rate is just over 0.8%, and you paid nearly 700k for your home, AND the assessed value of new is usually about 15% behind the actual value, your safest best is to assume:

1) Your annual taxes are ACTUALLY closer to $4400-4700/year
2) You WILL have to pay this amount at some point
3) Instead of approx $100/month, you should be allocating about $400/month in your budget for this based on the numbers you provided.

Please remember, you WILL have to pay this anyway. When the Supplementary bill comes, it will be one BIG chunk , they will give you a couple of installments you can pay it in, but you can't avoid it :)


If you want to PM me the name of the model you bought, or the actual purchase price, I can give you closer estimates

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PostPosted: Thu Nov 06, 2014 9:32 am 
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Joined: Thu Nov 15, 2007 3:55 pm
Posts: 5278
Location: 4th line / St Laurent
Some previous discussions on it over the years and my responses...:


viewtopic.php?t=20193 (after the fact, from a guy got just got the bill for earlier years and wondered what happened)

viewtopic.php?f=10&t=31423&p=432669&hilit=supplementary#p432669

Please tell all your neighbours this as well - nobody needs that kind of surprise down the road!

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Fred De Carolis
FREDHELPS.COM or on Facebook
Thanks for your support in the
search for Milton's Favourite Realtor!

REVEL REALTY -- MILTON'S FAVOURITE REAL ESTATE BROKERAGE, as voted by YOU!!!


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