Did you know that the average homeowner saves about $600.00 by applying for the home owners grant? On the bottom of your property tax bill which you should have received in the mail by now, you’ll notice a section called “Home Owner Grant Application”. Remember to fill it out.
Below is a list of frequently asked questions regarding property taxes.
When are my property taxes due?
- Property taxes are due in full by the due date indicated on your tax notice. Typically, it’s July 1st.
Are property taxes included in my mortgage payment?
- Property taxes are never included in the mortgage loan. However the monthly payment can be collected by your lender, who then pays the property tax on your behalf. This is set up with the notary at the time of signing with them.
- If you don’t remember if you have your lender set up to take monthly payments out on your behalf, either contact your bank/broker or review your commitment letter with them. It should state it on the first page.
- If you lender is withdrawing monthly payments on your behalf remember to claim the home owners grant. Your lender will not do that for you.
What if my property is assessed at more than $1,200,000.00?
- If you meet all requirements, but your property’s assessed value is over $1,200,000.00, you may qualify for the grant at a reduced amount.
- How much? The grant is reduced by $5 for each $1,000 of assessed value over $1,200,000.00. This means the grant is not available for properties accessed over $1,314,000.
Where can I pay my taxes?
- In person at City Hall
- At your bank or financial institution
- Through your mortgage agreement
- By mail or courier
- Some cities have the option to pay online
If you have any questions regarding your property taxes contact your city for further information.
Have a great day!