When going from renting to owning your own home, there are many additional fees that you have to start thinking about on top of rent and utilities. One of these is the property tax that you will be paying each year to the City of Toronto. When you’re looking at
property for sale Toronto, you should consider the taxes you will be expected to pay before deciding if that home is within your price range. Here is some more information on Toronto property taxes and how you can access how much you might be expected to pay.
The City of Toronto website has a tax calculator for anyone who owns residential or commercial property within the city limits. Those living in other cities in the Greater Toronto Area will be subject to the fees associated with their own region and should look there for this information. To use the tax calculator you need to know the current value assessment of your property. If you are considering a specific property, you can estimate by using the home’s listing price or consult with your
real estate agents. Toronto homes might be listed for more or less than their value depending on the current market conditions.
When you use the tax calculator you will see that part of this money is going to education, while the rest is going to the city’s annual budget. There are two bills sent in the year, one during the month of January and the other in June. If you would like to know if your
real estate listing in Toronto qualifies for any tax relief or rebates, this information is on the website as well. There are three different programs that allow for tax relief and rebates available for vacant commercial properties and properties owned by registered charities. If your
city of Toronto property search is for a commercial building than you may qualify to save some money on your taxes.
If you’re deciding whether to live within the City of Toronto or one of its surrounding towns than you should compare how much you will be expected to pay within each region. Town and city governments are in charge of these payments and each will have their own percentage of the home’s value for homeowners to pay. You could look at
houses for sale Toronto that seem to be equally expensive as a Markham property, but then find you will save hundreds of dollars a year with one home over the other.
Because property taxes are determined based on your value assessment, many people want to make sure that this assessment is accurate. For more information on who decides how much your home is worth, check out the FAQ section of the City of Toronto website.
