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  #11  
Old 2007-09-01, 12:30 PM
baycliffe baycliffe is offline
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If you combine your taxes with your mortgage, don't you still get the tax bill. Then you could figure out if you have overpaid. Also does anyone know the rules about minimum down payment that you can choose to pay your own taxes seperately.
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  #12  
Old 2007-09-01, 11:10 PM
mcalearm mcalearm is offline
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To tell you the truth I've never owned a house before and haven't a clue if the city sends out a tax bill or not. But I'm working on the assumption that they must but my bank mortage specialist straight out told me that the paying monthly for property taxes through the banker is higher at the beginning because you aren't assessed right away by the city (or something to that affect) and the bank will over collect these taxes on our behalf so that we aren't short when assessed for property tax.

Switching banks or to a mortgage specialist shouldn't be that much of an issue, I would think. As they would want to make it as seemless as possible. But I might be wrong.
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  #13  
Old 2007-09-02, 01:31 AM
aikejon aikejon is offline
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In my previous home, my bank paid my taxes, but the township still sent me two tax statements a year... a preliminary (where you could pay 60% in June) and a final bill, where the balance was due in December. That way I could tell when BMO was hosing me when they kept wanting to up my monthly property tax portion "to make sure there was enough to cover the taxes." When I sold the place, there was a huge balance in my tax account with BMO...the little stinkers.

That panic letter to up the tax component was an annual event too...even though my property taxes never went up by more than $100 any one year...and they even went down in 2005 but the bank still was hassling me - "your taxes were $xxxx last year and we took enough every month to cover it, but they're lower this year so we'll have to up the monthly tax amt to make sure we can cover them..." I don't know where BMO accountants went to school, but I hate when they violate the laws of mathematics.
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  #14  
Old 2007-09-02, 08:09 AM
mart242 mart242 is offline
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Quote:
Originally Posted by aikejon View Post
I don't know where BMO accountants went to school, but I hate when they violate the laws of mathematics.
The mortgage specialist I dealt with at the BMO did now even know what semi-annual interest compounding was... Same goes for when I was with MCAP and I called them for questions until one rep told me she'd ask her boss and got back to me the next day saying "You're right! That's how it works!". Pretty sad...
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  #15  
Old 2007-09-04, 11:44 AM
GreyingJay GreyingJay is offline
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At first I thought I was going to let the bank take care of my property tax payments together with my mortgage, but after my lawyer advised me how that works, I decided otherwise. The bank would be pre-collecting the money and establishing a positive balance from which it would then pay the tax bill. I generally prefer to do it the other way (pay what I owe once a bill is sent to me) so I decided to handle it myself.
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  #16  
Old 2007-11-22, 10:02 PM
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canabiz canabiz is offline
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I got my MPAC assessment today, the value is based on a January 1, 2005 valuation date and is obviously less than what we paid for this past May.

Is it safe to assume that the 2008 property tax bill will be roughly 1% of this assessment, give or take?

We will have to start socking away some money each month so that we don't get caught off-guard when the bill arrives, whenever it may be.
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  #17  
Old 2007-11-23, 09:47 AM
GreyingJay GreyingJay is offline
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Originally Posted by canabiz View Post
I got my MPAC assessment today, the value is based on a January 1, 2005 valuation date and is obviously less than what we paid for this past May.

Is it safe to assume that the 2008 property tax bill will be roughly 1% of this assessment, give or take?

We will have to start socking away some money each month so that we don't get caught off-guard when the bill arrives, whenever it may be.
I'm wondering this too. The 2005 assessment is based on a piece of vacant farm land. I suspect that I paid accordingly according to the statement of account sent to me by my lawyer (e.g. I paid about $500 in property taxes). The MPAC brochure says that the 2005 valuations will remain in effect for 2008 taxes, with a new assessment to occur in 2008, for the 2009 tax year.

So my question is, does that mean that I only pay taxes for a vacant land plot for the next year? Or can I expect to be double-billed next year?
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  #18  
Old 2007-11-23, 10:08 AM
mart242 mart242 is offline
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So my question is, does that mean that I only pay taxes for a vacant land plot for the next year? Or can I expect to be double-billed next year?
What do you think? As they say, there are only two things you can't escape in life: death, and taxes.
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  #19  
Old 2007-11-23, 10:20 AM
GreyingJay GreyingJay is offline
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What do you think? As they say, there are only two things you can't escape in life: death, and taxes.
Indeed. Better get saving, then.
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  #20  
Old 2007-11-26, 07:56 AM
Kate's House Kate's House is offline
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Quote:
Originally Posted by canabiz View Post
I got my MPAC assessment today, the value is based on a January 1, 2005 valuation date and is obviously less than what we paid for this past May.

Is it safe to assume that the 2008 property tax bill will be roughly 1% of this assessment, give or take?

We will have to start socking away some money each month so that we don't get caught off-guard when the bill arrives, whenever it may be.
Canabiz, as you and I bought the same Richcraft home, I can tell you what I was advised re: taxes. I was told (by Sandra at the sales office) to expect to pay ~ $3K per year, so that's the figure I am using. Hope this helps!
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