Property tax fees on Condos in downtown Calgary
May 21st 2009, 1:59 pm
#1
Forum Regular
Thread Starter
Joined: Aug 2008
Posts: 35
Property tax fees on Condos in downtown Calgary
Hi all
Could someone please confirm that property taxes are not included in condo or apartment rental monthly rates. Does this work out that a Condo worth a $1 million downtown would be around $10000 a year for property tax ? So $1000 for every $100000 the property is worth ?
Just trying to assess costs atm.
Many thanks for any replies
Could someone please confirm that property taxes are not included in condo or apartment rental monthly rates. Does this work out that a Condo worth a $1 million downtown would be around $10000 a year for property tax ? So $1000 for every $100000 the property is worth ?
Just trying to assess costs atm.
Many thanks for any replies
May 21st 2009, 2:09 pm
#2
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Joined: Sep 2003
Location: Upstate South Carolina
Posts: 30,768
Re: Property tax fees on Condos in downtown Calgary
Dont know about condos, but rentals nearly always include the propety taxes...
Generally in an expensive area with high average propery values the % tax rate is kept down to keep annual residential property taxes in the $2-5k range anyway... If you have an exceptionally expensive property in an area with lower average values, then you can expect to pay a more exceptional annual total.
I would expect your monthly condo fees (if not included in the rent) to be at least as much as the propery taxes?
Generally in an expensive area with high average propery values the % tax rate is kept down to keep annual residential property taxes in the $2-5k range anyway... If you have an exceptionally expensive property in an area with lower average values, then you can expect to pay a more exceptional annual total.
I would expect your monthly condo fees (if not included in the rent) to be at least as much as the propery taxes?
Last edited by iaink; May 21st 2009 at 2:30 pm.
May 21st 2009, 2:28 pm
#3
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Joined: Dec 2005
Location: In Limbo
Posts: 15,706
Re: Property tax fees on Condos in downtown Calgary
Hi all
Could someone please confirm that property taxes are not included in condo or apartment rental monthly rates. Does this work out that a Condo worth a $1 million downtown would be around $10000 a year for property tax ? So $1000 for every $100000 the property is worth ?
Just trying to assess costs atm.
Many thanks for any replies
Could someone please confirm that property taxes are not included in condo or apartment rental monthly rates. Does this work out that a Condo worth a $1 million downtown would be around $10000 a year for property tax ? So $1000 for every $100000 the property is worth ?
Just trying to assess costs atm.
Many thanks for any replies
Dont know about condos, but rentals nealy always include the propety taxes...
Generally in an expensive area with high average propery values the % tax rate is kept down to keep annual residential property taxes in the $2-5k range anyway... If you have an exceptionally expensive property in an area with lower average values, then you can expect to pay a more exceptional annual total.
I would expect your monthly condo fees to be at least as much as the propery taxes?
Generally in an expensive area with high average propery values the % tax rate is kept down to keep annual residential property taxes in the $2-5k range anyway... If you have an exceptionally expensive property in an area with lower average values, then you can expect to pay a more exceptional annual total.
I would expect your monthly condo fees to be at least as much as the propery taxes?
The renter rarely has to pay any thing other than the monthly rental.
Many landlords in Calgary at the moment are having to take a hit on property taxes AND condo fees.
May 21st 2009, 4:32 pm
#4
Forum Regular
Joined: Feb 2009
Location: Calgary, Alberta
Posts: 57
Re: Property tax fees on Condos in downtown Calgary
Hi all
Could someone please confirm that property taxes are not included in condo or apartment rental monthly rates. Does this work out that a Condo worth a $1 million downtown would be around $10000 a year for property tax ? So $1000 for every $100000 the property is worth ?
Just trying to assess costs atm.
Many thanks for any replies
Could someone please confirm that property taxes are not included in condo or apartment rental monthly rates. Does this work out that a Condo worth a $1 million downtown would be around $10000 a year for property tax ? So $1000 for every $100000 the property is worth ?
Just trying to assess costs atm.
Many thanks for any replies
Property: Brick Townhouse in McKenzie Towne (Calgary)
Assessed at $340,000
The tenants that I have in that property pay me $1300 per month and they pay for their utilities. Their utilities consist of bills from Enmax, Atco Gas, Shaw Cable and Telus phone line.
As the landlord, I take a cheque from them for $1300 per month. In a perfect world, that 1300 would cover the mortgage, condo fees and property tax.
The tenant does not pay the condo fees directly, nor do they pay the property tax. That all gets debited from the owner of the property.
Hopefully that makes sense....
May 21st 2009, 4:38 pm
#5
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Joined: Dec 2005
Location: In Limbo
Posts: 15,706
Re: Property tax fees on Condos in downtown Calgary
As a general rule of thumb, your landlord will give you your rental rate and tell you if you have to pay for utilities. We have a number of rental properties, so I will give you an example of how one of mine works.
Property: Brick Townhouse in McKenzie Towne (Calgary)
Assessed at $340,000
The tenants that I have in that property pay me $1300 per month and they pay for their utilities. Their utilities consist of bills from Enmax, Atco Gas, Shaw Cable and Telus phone line.
As the landlord, I take a cheque from them for $1300 per month. In a perfect world, that 1300 would cover the mortgage, condo fees and property tax.
The tenant does not pay the condo fees directly, nor do they pay the property tax. That all gets debited from the owner of the property.
Hopefully that makes sense....
Property: Brick Townhouse in McKenzie Towne (Calgary)
Assessed at $340,000
The tenants that I have in that property pay me $1300 per month and they pay for their utilities. Their utilities consist of bills from Enmax, Atco Gas, Shaw Cable and Telus phone line.
As the landlord, I take a cheque from them for $1300 per month. In a perfect world, that 1300 would cover the mortgage, condo fees and property tax.
The tenant does not pay the condo fees directly, nor do they pay the property tax. That all gets debited from the owner of the property.
Hopefully that makes sense....
