Hi all,

How is property Tax worked out, is there a website?

Is it based on the size of the house in Suare footage, bedrooms amount of meney paid etc. What is it normally percentage wise?

Again any help greatly received.

Evy

You are very busy this morning

It's a percentage of the value of the property. The percentage (called the mill rate) is determined by the local authority, I think ours is .85%. The rate is calculated based on a nominal value of the property which tends to lag behind the actual value so, if you find a house for sale with a nice low property tax bill you wanna find out when it was last valued, if that was a long time ago it could be reassessed at a much higher value; increasing the taxes dramatically.

Features such as size, number of bedrooms/bathrooms and so on come into the equation indirectly as they affect the value.

In Ontario properties are assesed by MPAC. Other provinces have similar bodies.
If you really care there is a section on the site that goes into how assesments are generated , but dbds about right.

Tax rates themselves are set by the local municipality, the website for a municipality often has the rates published. Often its a split rate, x% of the first $n, Y% of everything above that. In our township the rates also vary depending on which "ward" you are in, as services offered are different I guess.

As dbd alludes to, the published taxes on the mls listings are often not indicative of what you will pay, as when you buy the house it effectively sets a new market value, and MPAC tend to err on the side of caution when assesing values in order to avoid too many appeals at their valuation.

Our rate is about 1.5%, but living out in the country the property value is lower, and it still costs just as much to collect the garbage and clear the snow.

I know Im a buzzing today. Can't get my head straight and having a few decisions to iron out.

Evy

Thanks again to dbd333 & IainK