the real/estate blog


Pay your taxes

Posted in Real Estate,Tax by Cesia Green on June 14, 2013
Tags: , ,

Most people aren’t aware of this, but if you don’t pay your municipal property taxes, the city or town has the right to sell your house out from under you.

Keep in mind that justTaxes because they can, doesn’t mean they necessarily will. First, the municipality cannot start the process until the third year after the taxes are due (the second year in the case of vacant land). Second, after the process is started, you have a full year to repay the taxes owing, after which it is cleared and they cannot sell your home. The municipality can also extend that year, so you can effectively have a grace period before they start enforcement. However, if you don’t pay, they can put your house up in a tax sale, and accept an offer from the highest bidder. And this is final – all you are entitled to is any profit above what is owed on taxes, your mortgage or any other amount owing against the land, and the municipality is not required to accept the highest or best price or inquire into property values.You can check out the Municipal Tax Sales Act here.

Advertisements

Property assessments

Posted in Real Estate,Tax by Cesia Green on October 12, 2012
Tags: , , ,

Last week, I received my 2012 property assessment notice from MPAC. The Municipal Property Assessment Corporation assesses property values every four years for the purpose of determining municipal taxes. They do this through an analysis of sales, and focus on five major factors: location, lot dimensions, living area, age of the structure(s) (adjusted for renovations or additions) and quality of construction. Items like garages, fireplaces, boathouses and the number of bathrooms can affect value, as can features such as proximity to a golf course or green space.

MPAC has a feature called AboutMyProperty where you can get more detailed information about your house when the assessment is released. If you are unsatisfied with the assessed value, you can also appeal it to the Assessment Review Board.