It’s that time of year again when property taxes are coming due. Did you know that the average homeowner saves about $600.00 with the home owners grant?
On the bottom of your property taxes you will notice a section called “Home Owner Grant Application”. Make sure you take the time to fill that out!
Below is a list of frequently asked questions regarding property taxes.
When are my property taxes due?
- Property taxes are due in full by the due date indicated on your tax notice. This is typically July 1st.
Are my property taxes included in my mortgage payment?
- Property taxes are never included in the mortgage loan. However the monthly payment can be collected by the lender who then pays the property tax on your behalf but that is set up with the notary at the time of signing with them.
- If you can’t remember if you have your lender set up to take monthly payments on your behalf you will need to contact them.
- If you lender is taking monthly payments on your behalf don’t forget to claim the home owners grant. Your lender will not do that for you.
What if my property is assessed at more than $1,200,000.00?
- If you meet all requirements but your property’s assessed value is over $1,200,000.00, you may qualify for the grant at a reduced amount.
- The grant is reduced by $5 for each $1,000 of assessed value over $1,200,000.00. This means the grant is not available for properties accessed over $1,314,000.
Where can I pay my taxes?
- In person at City Hall
- Through your bank or financial institution
- Through your mortgage agreement
- By mail or courier
- Some cities have the option to pay online
If you have any questions regarding your property taxes contact your city for further information.
Courtesy of Geoff Lee, AMP – DLC GLM Mortgage Group