This is both good news and bad of course. The bad news is that we have tax bills to pay around Christmas time! LOL
It is good that we are getting the bills though, because as you know taxes started being our responsibility as soon as we moved in and so the amount has been collecting over that time until the City got its act together and issued our bills. You need to pay the bill you just received and then ensure you start saving for the ongoing amounts. If you look at your assessment for 2014 and multiply that by the city tax rate of 0.00939605 you will know how much to save each month for next years taxes.
Arguably, this is better than some new places where you do not get a bill for a year or more and then have to try to pay that back tax and your regular taxes all at once.
I pay my property taxes with my mortgage so I'm a little confused ?
ReplyDeleteSorry, the City sends out a tax bill when they finally calculate how much we should be paying for our new condos. if you are paying along with your taxes I would think you are paying an estimated amount. When you get the City tax bill you can check that the amount you are paying each mortgage payment equals the amount (multiplied appropriately) the amount of taxes you will be billed by Burlington.
ReplyDeleteI think the assessment is a little low $166000 for a haven model? That's Great I'm not complaining I just wonder how the come up wiith this amount and hope they don't shoot it up.
ReplyDeleteWe own a haven and we were assessed at 172000. Wonder why people with the same unit are assessed different amounts . Is everyone's tax bill from occupancy or from the date the deed was transferred. Our bill was from occupancy date
ReplyDeleteUnit prices also include any upgrades I think, so that might explain differences. Taxes are from Occupancy date, not ownership transfer date.
ReplyDelete(I wouldn't complain either, lol, my unit is assessed around 370,000 (Calm).