Searching for a home can be a time consuming process. Whether you're looking at listings for Toronto or Brampton homes for sale. Or you're going to various home showings in the Toronto area. There's a lot that you need to think about when buying a home. Things such as home repairs or whether or not certain waterfront condos in Toronto you're looking at are spacious enough are not the only worries you should be focused on.
There are factors outside of the home or condo itself that you should be concerning yourself with as well. One of those is property taxes. When looking into buying Toronto or Thornhill real estate, you should be factoring the added expenses of such things as property taxes. The final price you settle on to buy a home won't be the only thing you have to pay for. Nope, property taxes are another fee all unto themselves.
It almost seems like all we do is pay taxes and that it never stops. The saying that there are only two certainties in life: death and taxes, is true for a reason. Any property you buy will force you to pay property taxes. Whether you purchase a Riverdale Toronto house for sale or one in Yorkville. Before signing on the dotted line you might want to get some information about all the eventual bills you'll have to pay for in regards to the home you are purchasing.
Your Toronto or Newmarket real estate agents can help you out with that during your home search. We can also give you some information about Toronto property taxes. In the Toronto area, property taxes are issued twice yearly. They're mailed out to homeowners in January and May. Each property tax bill is paid out in three separate instalments. The interim property tax bill is calculated on the basis of your previous year's annualized taxes. The final property tax bill for the year is calculated based on a very complex formula. To make it easy to understand, your annual property tax is determined by the value of your home and is multiplied by the city's residential rate. The residential rate is calculated by adding together two levy's, the City levy and the educational levy. In the year 2009, that residential tax rate was about 0.85%.
For example, a home that is valued at $300,000 will be charged a property tax of just over $2500 for the year. Of course, property tax rates are subject to change and can always increase or decrease from year to year. Usually, they mainly increase. So, when shopping for a new home in the Toronto area, it is in your best interest to add in additional expenses that you will be paying for to get a sense of what your actual cost will be.