Property Taxes are Due
We are heading into the best part of the year for many….SUMMER TIME….and right around the corner, Property Taxes are due.
You’ve probably just received your tax notice in the mail and I thought I would explain the different ways to pay and to register for your Home Owner’s Grant (HOG) below towards the end of this email.
Property tax payments are due the first week of July every year in each municipality. The tax bill will cover the payment of taxes from January 1 of each year until December 31 of that same year. This may not cover the cost of utilities and water services in your municipality.
In some cities, utilities are charged separately in February of each year. Always consult with your realtor or the municipality for the tax and utility fees for the home you are purchasing.
Of course, you have already purchased your home. If you have purchased it midway through the year this last year, then this applies to you.
Upon completion of the purchase for a home the responsibility to pay property taxes shifts from the seller to the buyer. Depending on the time of the year that you have purchased, the taxes may or may not have been paid by the seller to the city.
Chances are that if you are buying the home after July, then the seller has already paid the taxes. Always discuss the status of your property taxes at the time of purchase to be clear on the closing cost to complete the purchase. Your lawyer will have provided you with confirmation at completion. The closing costs would have all been outlined in the statement of adjustments (including the property taxes, if applicable).
Home Owner’s Grant: If your property is your principle residence you are entitled to a grant. You have to claim your Home Owners Grant which is $570 (some websites of the city it will be under HOG, not the greatest acronym is it?).
There are 2 ways to claim this, either by signing the tax notice and mailing or dropping off at the city or complete it on line if your city has an electronic website to do so. If you are doing this on line you will need the folio number and access code which is on your notice, I live in Burnaby and it took no more than 5 minutes to complete, print off a copy for your records.
Paying Property Taxes: There are 3 ways this can be done:
- You’ve been paying your property taxes with your mortgage payment, the lender will remit the payment directly. Your tax payment can change through-out your term as taxes do vary. The lender usually does a good job at estimating the fluctuations, but you should always double check to make sure your have enough in there. If you ever want to know how much you have in your tax account call your lender and they will be able to give you the number. If you have a high ratio mortgage most lenders require the taxes be added onto the mortgage payment.
- Write a cheque for the due date and pay July 2nd. at the city or most chartered banks.
- Pay the directly city every month on a pre-authorized debit..As a helpful tool I’m giving you the links to a few places, I could not find an Electronic payment for Richmond or Langley. Please feel free to pass this email along to friends, family members and colleagues.
Remember: ALWAYS PAY YOUR PROPERTY TAXES ON TIME!
http://deltaonline.ca/tempest/ecom/hog/login.cfm?title=Electronic Home Owner Grant
Aleem Peermohamed, AMP
Your Mortgage Planner for life
P.S. It’s my intention to continue building lifelong relationships one client at a time and remain your personal mortgage consultant. If you know of a friend, coworker or family member who has a mortgage or refinancing need, be sure to contact me. Your personal referrals are the greatest compliment I can receive.