Poll on property tax, Plz Participate

Doing an econ researchish (ok it's only a 2nd yr econ course) assignment.

Need to find out how much property tax you guys pay relative to the current market value of your house (if u don't know the exact price, a guestimate is accepted).

Anyway, plz participate in the poll so I can back up the crap I'm presenting. Thanks pplz.

How to calculate?? use the amount u paid in property tax / (market value of your house)

EDIT
ok, for those of u listed 1.3 or greater, if u can plz reply with exact percentage, it'll be appreciated.

how it's assessed??
http://ottawa.ca/city_services/propt...ments_en.shtml

Isn't the rate set by each municipality? Can't you just look up the rates in each jurisdiction?

How do you define your current property value?

What the municipality thinks the value is?
What the real estate market thinks the value is?
What you think the value is?

Originally Posted by MasterAvatar

Isn't the rate set by each municipality? Can't you just look up the rates in each jurisdiction?

it's not fixed, cause there're many thing to be taken into consideration (such as location etc), so each property is actually evaluated individually, after compare with the properties sold within the same neighborhood. and it's done annually.

For example:
the girl next door sold her house for 250,000, and your house has the same sized backyard, same # of bathrooms and grarges, but you have 2 extra bedroom. and say her property tax is 2500 this yr, since yours have more bedrooms, even though it wasn't for sale, but in comparison to the girl next door's house, yours will be evaluated at 2500+addition tax on the 2 xtra bedroom etc.

hope that clears some confusions.

In london the whole city has a set rate, and location and other conisderations are taken into account in the value of the house that they establish

Originally Posted by JoKeRr

it's not fixed, cause there're many thing to be taken into consideration (such as location etc), so each property is actually evaluated individually, after compare with the properties sold within the same neighborhood. and it's done annually.

For example:
the girl next door sold her house for 250,000, and your house has the same sized backyard, same # of bathrooms and grarges, but you have 2 extra bedroom. and say her property tax is 2500 this yr, since yours have more bedrooms, even though it wasn't for sale, but in comparison to the girl next door's house, yours will be evaluated at 2500+addition tax on the 2 xtra bedroom etc.

hope that clears some confusions.

The rate is fixed by each municipality. It is called mill rate. It uses the estimation of your property value times mill rate to calculate your property tax.

If the girl next door sold her house for $250,000 and your house is exactly the same + 2 extra bedroom, it will NOT raise your property tax right the way because I believe the property value is calculated by the province every 2 years. At that time, the adjuster will use all the factors to get the property value of your property. The $250K value of the house next door sold last year is just one factor. The $300K value of the house sold next street this year is another factor. If the adjuster knows about that 2 bedrooms, it is another factor.

I don't get property tax. If someone own a piece of land/house and paid tax when s/he bought it, why pay more tax each year? Does the tax cover something like utilities and etc? But those are seperate bills.

Originally Posted by manixc

I don't get property tax. If someone own a piece of land/house and paid tax when s/he bought it, why pay more tax each year? Does the tax cover something like utilities and etc? But those are seperate bills.

When you buy the house, the tax you paid did not go to municipality government. Even if there is, it is only a portion of it.

Property tax is more or less the only (big enough) source of income of your municipality government. Your municipality government needs to pay to build and fix the road, the parks, the libraries, the community center, the staff, ..... and the list goes on.

None, I rent

Originally Posted by JoKeRr

Doing an econ researchish (ok it's only a 2nd yr econ course) assignment.

Need to find out how much property tax you guys pay relative to the current market value of your house (if u don't know the exact price, a guestimate is accepted).

Anyway, plz participate in the poll so I can back up the crap I'm presenting. Thanks pplz.

EDIT
ok, for those of u listed 1.3 or greater, if u can plz reply with exact percentage, it'll be appreciated.

1.4%

Originally Posted by hagbard

None, I rent

You pay the property tax indirectly. The property tax expense is factored in your rent.

Originally Posted by JoKeRr

it's not fixed, cause there're many thing to be taken into consideration (such as location etc), so each property is actually evaluated individually, after compare with the properties sold within the same neighborhood. and it's done annually.

For example:
the girl next door sold her house for 250,000, and your house has the same sized backyard, same # of bathrooms and grarges, but you have 2 extra bedroom. and say her property tax is 2500 this yr, since yours have more bedrooms, even though it wasn't for sale, but in comparison to the girl next door's house, yours will be evaluated at 2500+addition tax on the 2 xtra bedroom etc.

hope that clears some confusions.

It's the province that assesses the value of the property. You take that value and multiply it by the rate set by the city to arrive at the property tax. The difference in the tax between the two properties in your example is because of the difference in the assessments of the value of the two properties, not because the rate is different.

Originally Posted by JoKeRr

EDIT
ok, for those of u listed 1.3 or greater, if u can plz reply with exact percentage, it'll be appreciated.

I'm assuming you want market value and not assessed value. My place is worth 25% more than it's assessed value which is used to calculate my property taxes.

If you go with my market value, I pay 1.31%.
If you go with assessed value, I pay 1.63%

I think there was something in the news a while back that we have among the highest, if not the highest, property taxes in the country.

Originally Posted by Chookman

I'm assuming you want market value and not assessed value. My place is worth 25% more than it's assessed value which is used to calculate my property taxes.

If you go with my market value, I pay 1.31%.
If you go with assessed value, I pay 1.63%

I think there was something in the news a while back that we have among the highest, if not the highest, property taxes in the country.

yes market value.

Originally Posted by gman

When you buy the house, the tax you paid did not go to municipality government. Even if there is, it is only a portion of it.

Property tax is more or less the only (big enough) source of income of your municipality government. Your municipality government needs to pay to build and fix the road, the parks, the libraries, the community center, the staff, ..... and the list goes on.

oh thanks that make sense. but what about income tax? Those probably to straight to federal and provinical gov huh?