house tax???
Nov 23rd 2008 | 1:09 am
#1
Thread Starter
Just Joined
Joined: Nov 2008
Posts: 3
house tax???
Hello all,
I have just joined today hoping for some help with housing costs when and if we ever manage to get to Canada, we are just over 1 year in the pile waiting to move and i thought i had done all i could in finding info re housing costs but i have just heard that there is a 1% charge on the value of your home payable twice a year, can anybody out there who knows if this is true or not please advise, any other info re house costs that anybody can pass on will be much appreciated.
Ta
I have just joined today hoping for some help with housing costs when and if we ever manage to get to Canada, we are just over 1 year in the pile waiting to move and i thought i had done all i could in finding info re housing costs but i have just heard that there is a 1% charge on the value of your home payable twice a year, can anybody out there who knows if this is true or not please advise, any other info re house costs that anybody can pass on will be much appreciated.
Ta
Nov 23rd 2008 | 1:39 am
#2
BE Enthusiast
Joined: Jul 2002
Posts: 846
From: Toronto, Ontario
Re: house tax???
Where are you looking to move to? Property taxes are ususally collected by whatever local municipailty/city/town etc. you live in and the rates vary a lot. For example in Toronto the current residential rate is roughly .61% for city and .264% education so an overall rate of roughly 0.75%. The city has a system for estimating the value of your house which they do every several years to update it.
You can pay the taxes directly, I think twice a year, or a lot of people just roll them in to their mortgage costs and have the bank pay them which I find a lot simpler as it breaks it out into smaller monthly/wekly payments and you don't have to remember to keep a big whack of money free to pay the large tax bill. You don't pay interest on it if the bank pays it so it doesn't cost anything extra.
Toronto has quite low property tax rates, for all that people complain here about them raising them, you would pay a higher rate in the rest of the GTA. Not sure about outside there.
You can pay the taxes directly, I think twice a year, or a lot of people just roll them in to their mortgage costs and have the bank pay them which I find a lot simpler as it breaks it out into smaller monthly/wekly payments and you don't have to remember to keep a big whack of money free to pay the large tax bill. You don't pay interest on it if the bank pays it so it doesn't cost anything extra.
Toronto has quite low property tax rates, for all that people complain here about them raising them, you would pay a higher rate in the rest of the GTA. Not sure about outside there.
Nov 23rd 2008 | 2:40 am
#3
Thread Starter
Just Joined
Joined: Nov 2008
Posts: 3
Re: house tax???
thanks for that wizard, we are planning to go Toronto, prob south of Oakville to make the purchase price a little cheaper, just the long wait and the uncertanity that is the prob
Nov 23rd 2008 | 4:57 am
#5
BE Enthusiast
Joined: Jul 2002
Posts: 846
From: Toronto, Ontario
Re: house tax???
If you go south of Oakville you will be in the lake. Toronto ends at Etobicoke if we are West so west of that, Mississauaga,Oakville, Burlington etc. all will have their own tax rates.
Nov 23rd 2008 | 7:06 am
#6
Thread Starter
Just Joined
Joined: Nov 2008
Posts: 3
Re: house tax???
going back over next year for another look,may go lower east/west/north/south?? towards Hamilton
Nov 23rd 2008 | 3:06 pm
#7
BE Enthusiast
Joined: Jul 2002
Posts: 846
From: Toronto, Ontario
Re: house tax???
I would guess it would depend wher eyou planne don working. The further out you get from TO the more likely you will have a long commute into the city.
Nov 23rd 2008 | 3:27 pm
#8
C'est correck
Joined: Feb 2006
Posts: 839
From: La Prairie, nr Montréal
Re: house tax???
Hello all,
I have just joined today hoping for some help with housing costs when and if we ever manage to get to Canada, we are just over 1 year in the pile waiting to move and i thought i had done all i could in finding info re housing costs but i have just heard that there is a 1% charge on the value of your home payable twice a year, can anybody out there who knows if this is true or not please advise, any other info re house costs that anybody can pass on will be much appreciated.
Ta
I have just joined today hoping for some help with housing costs when and if we ever manage to get to Canada, we are just over 1 year in the pile waiting to move and i thought i had done all i could in finding info re housing costs but i have just heard that there is a 1% charge on the value of your home payable twice a year, can anybody out there who knows if this is true or not please advise, any other info re house costs that anybody can pass on will be much appreciated.
Ta
