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Property Tax Information for a New Condominium Toronto
Just because you've signed the closing papers making you the proud owner of some Toronto Beaches real estate, doesn't mean that's the end of it when it comes to the money side of things. There are plenty of things you will still be paying for long after purchasing the home. One of which is taxes. When buying real estate in Toronto such as Riverdale Toronto real estate, you will be responsible for paying property taxes.
Each city has their own way of collecting property taxes on residential homes. Homeowners in the Toronto area such as Central Toronto real estate property owners pay their property taxes in two installments every year. One in January and the other one in May. Each one of those installments is broken down into three separate payments. So, you are actually making six property tax payments yearly. The one in January is your interim property tax bill and is calculated based on the previous year's annualized taxes. The property tax bill sent to you in May is the final tax bill for your property.
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The amount that you have to pay in May is based on a somewhat complex formula. While it doesn't take rocket scientists to figure out, it's pretty close. The annual property tax amount you have to pay is the value of your Toronto home or Waterpark City condos multiplied by the city's residential rate. This residential rate of the city is determined by adding two levies: the educational and City levy. This past year in 2009 that residential tax rate was almost 0.85%. All property tax payments are made out to the Treasurer, City of Toronto.
Etobicoke real estate brokers hear clients complain all the time about how much taxes they're going to have to pay on top of everything else that comes with buying a home. The thing is that the taxes you pay come back to you in some way. The money you are giving the city is used for other programs that benefit you or other Toronto residents. There are a variety of ways your property tax fees are used. The money might be used to pay for school programs or to clean up and rebuild city parks and roads. So, the next time you are complaining about your property taxes, just think to yourself about all the improvements that will be made to your city because of those taxes.
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