Housing Taxes

Old Sep 15th 2004, 10:52 pm
  #1  
Forum Regular
Thread Starter
 
Joined: Sep 2004
Posts: 251
weener is a jewel in the roughweener is a jewel in the roughweener is a jewel in the roughweener is a jewel in the rough
Question Housing Taxes

On buying a house I see you have to pay a tax on the size of the property.
Is this a one of payment or does it have to be paid annually?
weener is offline  
Old Sep 15th 2004, 11:17 pm
  #2  
Forum Regular
 
juliusmaximus's Avatar
 
Joined: Jul 2004
Posts: 291
juliusmaximus is a jewel in the roughjuliusmaximus is a jewel in the roughjuliusmaximus is a jewel in the roughjuliusmaximus is a jewel in the rough
Default Re: Housing Taxes

Originally Posted by weener
On buying a house I see you have to pay a tax on the size of the property.
Is this a one of payment or does it have to be paid annually?
There's a tax to be paid when buying a house ( higher when it's new) and an annual tax.
juliusmaximus is offline  
Old Sep 16th 2004, 12:54 am
  #3  
Moderαtor Emeritus
 
iaink's Avatar
 
Joined: Sep 2003
Location: Upstate South Carolina
Posts: 30,771
iaink has a reputation beyond reputeiaink has a reputation beyond reputeiaink has a reputation beyond reputeiaink has a reputation beyond reputeiaink has a reputation beyond reputeiaink has a reputation beyond reputeiaink has a reputation beyond reputeiaink has a reputation beyond reputeiaink has a reputation beyond reputeiaink has a reputation beyond reputeiaink has a reputation beyond repute
Default Re: Housing Taxes

Originally Posted by weener
On buying a house I see you have to pay a tax on the size of the property.
Is this a one of payment or does it have to be paid annually?
There is a land transfer tax...similar to stamp duty..google for the equation to work it out...its a little complicated, %rates go up at certain $$$ values.
If you buy a brand new house you pay GST on it, but its usually factored into the advertised price (unlike nearly everything else here), and I think there are some rebates available, although I dont know the details.

There is also property tax...similar to council tax, this is paid annually and is a percentage (set by your local municipality, usually 1 to 2 %) of the assessed value of your home, as assesed by MPAC. My experience of this is that what you pay for a house if what it will be assessed for initially, but that later increases typically are a little behind the market value. What this means in practice is that you will probably get a larger tax bill than the previous residents of the property.

Either way taxes are based on the value rather than the size of a property.

Cheers

Iain
iaink is offline  
Old Sep 16th 2004, 4:43 am
  #4  
BE Forum Addict
 
Posidrive's Avatar
 
Joined: Sep 2004
Location: Flat Oxfordshire
Posts: 1,709
Posidrive has a reputation beyond reputePosidrive has a reputation beyond reputePosidrive has a reputation beyond reputePosidrive has a reputation beyond reputePosidrive has a reputation beyond reputePosidrive has a reputation beyond reputePosidrive has a reputation beyond reputePosidrive has a reputation beyond reputePosidrive has a reputation beyond reputePosidrive has a reputation beyond reputePosidrive has a reputation beyond repute
Default Re: Housing Taxes

Originally Posted by iaink
There is a land transfer tax...similar to stamp duty..google for the equation to work it out...its a little complicated, %rates go up at certain $$$ values.
If you buy a brand new house you pay GST on it, but its usually factored into the advertised price (unlike nearly everything else here), and I think there are some rebates available, although I dont know the details.

There is also property tax...similar to council tax, this is paid annually and is a percentage (set by your local municipality, usually 1 to 2 %) of the assessed value of your home, as assesed by MPAC. My experience of this is that what you pay for a house if what it will be assessed for initially, but that later increases typically are a little behind the market value. What this means in practice is that you will probably get a larger tax bill than the previous residents of the property.

Either way taxes are based on the value rather than the size of a property.

Cheers

Iain
This may be a dumb question, but I haven't a clue about the Canadian tax system yet but does this percentage come out of your pre or post tax salary.
Posidrive is offline  
Old Sep 16th 2004, 4:59 am
  #5  
 
Joined: May 2004
Posts: 4,483
Jim Humphries has a reputation beyond reputeJim Humphries has a reputation beyond reputeJim Humphries has a reputation beyond reputeJim Humphries has a reputation beyond reputeJim Humphries has a reputation beyond reputeJim Humphries has a reputation beyond reputeJim Humphries has a reputation beyond reputeJim Humphries has a reputation beyond reputeJim Humphries has a reputation beyond reputeJim Humphries has a reputation beyond reputeJim Humphries has a reputation beyond repute
Default Re: Housing Taxes

Originally Posted by Posidrive
This may be a dumb question, but I haven't a clue about the Canadian tax system yet but does this percentage come out of your pre or post tax salary.
Municipal taxes are not deductable for income tax purposes.
Jim Humphries is offline  
Old Sep 16th 2004, 5:06 am
  #6  
BE Forum Addict
 
Posidrive's Avatar
 
Joined: Sep 2004
Location: Flat Oxfordshire
Posts: 1,709
Posidrive has a reputation beyond reputePosidrive has a reputation beyond reputePosidrive has a reputation beyond reputePosidrive has a reputation beyond reputePosidrive has a reputation beyond reputePosidrive has a reputation beyond reputePosidrive has a reputation beyond reputePosidrive has a reputation beyond reputePosidrive has a reputation beyond reputePosidrive has a reputation beyond reputePosidrive has a reputation beyond repute
Default Re: Housing Taxes

Originally Posted by Jim Humphries
Municipal taxes are not deductable for income tax purposes.
Sounds painful. So for a $500,000 house in Calgary you would have to earn $10,000 per year just to pay for the municiple taxes. And I thought we were over taxed in Britain!!!!!!!!!!!!!!!!
Posidrive is offline  
Old Sep 16th 2004, 5:20 am
  #7  
 
Joined: May 2004
Posts: 4,483
Jim Humphries has a reputation beyond reputeJim Humphries has a reputation beyond reputeJim Humphries has a reputation beyond reputeJim Humphries has a reputation beyond reputeJim Humphries has a reputation beyond reputeJim Humphries has a reputation beyond reputeJim Humphries has a reputation beyond reputeJim Humphries has a reputation beyond reputeJim Humphries has a reputation beyond reputeJim Humphries has a reputation beyond reputeJim Humphries has a reputation beyond repute
Default Re: Housing Taxes

Originally Posted by Posidrive
Sounds painful. So for a $500,000 house in Calgary you would have to earn $10,000 per year just to pay for the municiple taxes. And I thought we were over taxed in Britain!!!!!!!!!!!!!!!!
I don't know for Calgary but my taxes on a similar home in Victoria are much less than that: about one quarter in fact.
Jim Humphries is offline  
Old Sep 16th 2004, 5:32 am
  #8  
Moderαtor Emeritus
 
iaink's Avatar
 
Joined: Sep 2003
Location: Upstate South Carolina
Posts: 30,771
iaink has a reputation beyond reputeiaink has a reputation beyond reputeiaink has a reputation beyond reputeiaink has a reputation beyond reputeiaink has a reputation beyond reputeiaink has a reputation beyond reputeiaink has a reputation beyond reputeiaink has a reputation beyond reputeiaink has a reputation beyond reputeiaink has a reputation beyond reputeiaink has a reputation beyond repute
Default Re: Housing Taxes

Maybe my percentage rate is higher here in Rural Ontario than the norm cos the housing costs are a lot lower, and possibly the housing density too. You get a lot of house here for $500k!

Anyway, count on ~$1000 to ~$5000 range for property tax???
iaink is offline  
Old Sep 16th 2004, 5:34 am
  #9  
Moderαtor Emeritus
 
iaink's Avatar
 
Joined: Sep 2003
Location: Upstate South Carolina
Posts: 30,771
iaink has a reputation beyond reputeiaink has a reputation beyond reputeiaink has a reputation beyond reputeiaink has a reputation beyond reputeiaink has a reputation beyond reputeiaink has a reputation beyond reputeiaink has a reputation beyond reputeiaink has a reputation beyond reputeiaink has a reputation beyond reputeiaink has a reputation beyond reputeiaink has a reputation beyond repute
Default Re: Housing Taxes

Originally Posted by Posidrive
Sounds painful. So for a $500,000 house in Calgary you would have to earn $10,000 per year just to pay for the municiple taxes. And I thought we were over taxed in Britain!!!!!!!!!!!!!!!!
You dont have to employ a full time fleet of people to clear snow from the streets in the winter in Britain!!!!!!! Someone has to pay for it
iaink is offline  
Old Sep 16th 2004, 5:36 am
  #10  
Moderαtor Emeritus
 
iaink's Avatar
 
Joined: Sep 2003
Location: Upstate South Carolina
Posts: 30,771
iaink has a reputation beyond reputeiaink has a reputation beyond reputeiaink has a reputation beyond reputeiaink has a reputation beyond reputeiaink has a reputation beyond reputeiaink has a reputation beyond reputeiaink has a reputation beyond reputeiaink has a reputation beyond reputeiaink has a reputation beyond reputeiaink has a reputation beyond reputeiaink has a reputation beyond repute
Default Re: Housing Taxes

Originally Posted by Posidrive
This may be a dumb question, but I haven't a clue about the Canadian tax system yet but does this percentage come out of your pre or post tax salary.
Typically the mortgage company will add it to your mortgage payment and pay them, not cos they are helpfull, they just dont want to get into a dispute with the township over who owns the house if you default on both the mortgage and the property taxes!
iaink is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Manage Preferences Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Your Privacy Choices -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.