Land Taxes

[shinichi]

Hi,

Anyone has any idea what land taxes is for a new condo? It's in the agreement for a total of $1000ish (half of my property tax) and it's not land transfer fee.
I had to pay the portion to the builder.
e.g: I bought the unit in february then I had to pay 11/12 * $1000.
Is it counted as property tax?
Thank you.

[Frankie3s]

Hi,

Anyone has any idea what land taxes is for a new condo? It's in the agreement for a total of $1000ish (half of my property tax) and it's not land transfer fee.
I had to pay the portion to the builder.
e.g: I bought the unit in february then I had to pay 11/12 * $1000.
Is it counted as property tax?
Thank you.

This is probably an interim billing amount and the city will send you a bill for the rest. The reason why you had to pay a portion to the builder was that the builder had paid up until a certain date past your accepted title date and was recouping their money (let's say they paid up until April. Since you moved in Feb they wanted you to repay them Feb, March and April). I presume you moved in in February.

[shinichi]

This is probably an interim billing amount and the city will send you a bill for the rest. The reason why you had to pay a portion to the builder was that the builder had paid up until a certain date past your accepted title date and was recouping their money (let's say they paid up until April. Since you moved in Feb they wanted you to repay them Feb, March and April). I presume you moved in in February.

the builder has paid for the whole year, that's why I had to pay for my portion (11 month).
Is this different than property tax? Because I just received the assesement and I have to pay the whole amount for two years (it does not mention the land taxes anywhere). That means on the first year I have to pay land tax + property tax

[BuildingHomes]

Land transfer tax is paid to a municiaplity whenever a dwellings title is transferred from one entity to another.

Property tax is based on a yearly assessment, usually done by MPAC, that you pay to the municipality.

As you mentioned, the builder has already paid the property taxes up to a certain point and you pay them the difference.

The builder is not responsible for land transfer taxes. That's usually the purchaser.

For more details on land transfer fees and property taxes, please consult your municiapalities website. They all have it online, unless you live in Burlington like me and have to deal with their craptastic website.

[shinichi]

Land transfer tax is paid to a municiaplity whenever a dwellings title is transferred from one entity to another.

Property tax is based on a yearly assessment, usually done by MPAC, that you pay to the municipality.

As you mentioned, the builder has already paid the property taxes up to a certain point and you pay them the difference.

The builder is not responsible for land transfer taxes. That's usually the purchaser.

For more details on land transfer fees and property taxes, please consult your municiapalities website. They all have it online, unless you live in Burlington like me and have to deal with their craptastic website.

nope it's not land transfer fee. It's Land Taxes. There is another section for land transfer tax that I paid almost $1000 after rebate for first home buyer.

[BuildingHomes]

nope it's not land transfer fee. It's Land Taxes. There is another section for land transfer tax that I paid almost $1000 after rebate for first home buyer.

If it's a 'fee' then ask your lawyer of whom you hired for the sale what it is for.