In the last couple of months you should have received your Property Tax Bill, but what does it mean?
This is how much property taxes you will pay between now and June 2018 based on the Property Tax Assessment you received in January. To complicate things even further, the assessed value was based on assessments completed a year ago.
There are many reasons that your assessed value may not be an accurate reflection of today’s market value for your property, and this is just one of the reasons.
You can learn more about your Property Tax Assessment and access a copy online by visiting the City website here.
It’s important to remember that you actually want the assessed value to be low. The lower it is, the lower the municipal taxes you’ll pay. It is not an accurate reflection of the actual market value of your home and has no bearing on what you can actually sell your home for.
If you don’t believe me, give me a call and I’ll connect you with an experienced Realtor that will do a free Comparative Market Analysis (CMA) of your property, and you can see for yourself.
Now is not the time to fight your tax assessment, that is done early in the year when you receive your Property Tax Assessment. Your Property Tax Bill simply tells you the mill rate, the amount of your tax levy and, if you’re on TIPP, your new monthly payment amount.
After The City receives the provincial tax requisition and Council passes the property tax bylaw, the property tax bills, reflecting actual taxes owing, are mailed each May and due, if you pay annually, on June 30th.
If you have any questions about your property taxes, I would be happy to help guide you in the right direction!