Property tax/values
Jan 8th 2008 | 7:20 am
#31
Moderαtor Emeritus
Joined: Sep 2003
Posts: 30,771
From: Upstate South Carolina
Re: Property tax/values
In Calgary the assessments just came out this week but the actual assessed value is as of July 2007.
The assessed value is just that, the assessed value on a particular date for municipal tax purposes only, it has nothing to do with how much you paid for the property or how much you could get for it if you were to sell it.
The assessed value is just that, the assessed value on a particular date for municipal tax purposes only, it has nothing to do with how much you paid for the property or how much you could get for it if you were to sell it.
Jan 8th 2008 | 7:28 am
#32
Scottish Canuck
Joined: Aug 2006
Posts: 3,703
From: Auld Scotia > Nova Scotia > Calgary
Re: Property tax/values
They can be ridiculous in some areas of NS too. Although there doesnt seem to be any consistency either - sort of the luck of the drawer. When we looked for a house there were several that were all priced the same but the assessments (and therefore the property tax) varied widely. Taxes ranged from about $3500 to $7500 per year for similarly priced houses. It was a big factor in our decision actually.
Many people keep quiet if they have renovated their basement or added a pool to their property as their taxes will increase.
Jan 8th 2008 | 7:29 am
#33
Joined: Jul 2005
Posts: 15,883
Re: Property tax/values
In Calgary the assessments just came out this week but the actual assessed value is as of July 2007.
The assessed value is just that, the assessed value on a particular date for municipal tax purposes only, it has nothing to do with how much you paid for the property or how much you could get for it if you were to sell it.
The assessed value is just that, the assessed value on a particular date for municipal tax purposes only, it has nothing to do with how much you paid for the property or how much you could get for it if you were to sell it.
Our home is assessed at $449,000 as of July 2007 there is no way it is worth that today as the market has softened somewhat.
The Assessment figure is at least six months out of date when it is issued and gets up to 18 months out of date before the next assessment is made.
So for other than determining how much you owe in municipal and education taxes the figure is meaningless.
Edited to say basically disregard the above as I think I'm preaching to the converted.
And I'm too lazy to delete my reply.
Last edited by Steve_P; Jan 8th 2008 at 7:33 am.
