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Old 2013-03-13, 01:25 PM
Toogy Toogy is offline
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Default Property Taxes on new house in new subdivision

We are 2.5 weeks away from closing on our brand new house! We are one of the first houses built in this subdivision.

I am wondering how they set the property tax rate on a brand new house in a new subdivision? Do they guess until a proper appraisal has been done?
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Old 2013-03-13, 01:33 PM
NewPurchaser NewPurchaser is offline
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Originally Posted by Toogy View Post
We are 2.5 weeks away from closing on our brand new house! We are one of the first houses built in this subdivision.

I am wondering how they set the property tax rate on a brand new house in a new subdivision? Do they guess until a proper appraisal has been done?
They use sales value statistics to come up with the assessed value, on which the property tax rate in your municipality is applied. Basically they will use your land transfer documents, determine the 'consideration paid' (as different from purchase price) which backs out HST, land transfer tax, levies, etc. The 'consideration paid' becomes the assessed property value or very close to it. There is a time lag between closing and when they bill you, so no guess work. At least this is our understanding.
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Old 2013-03-13, 11:35 PM
Mark & Lynda Mark & Lynda is offline
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Or like us, you pay property tax based on land value only for the first couple of years until they have the property assessed then send you a retro tax bill.
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