Property Tax...

[Nufy]

I know assessments have been out for a while, but when typically does the city send out the actual tax bill ??

[Sr. Mints]

Edit: never mind. Dodged a bullet there.

[Smartcar]

They will be mailed today. http://www.calgary.ca/CA/fs/Pages/Pr...perty-Tax.aspx
Taxes due June 29. I can't understand why anyone would not be on the tipps program and pay monthly, the penalty for late payment is usurious.

[GP_Matt]

I prefer to make a lump sum payment in June. I don't like additional monthly payments.

[Icon]

I don't mind the one payment. Typical routine... income tax rebate... property tax payment a couple months later. No biggie.

[Nufy]

Yeah, I have the money...Just waiting on the bill...

[albertGQ]

I pay annually as well. I like to keep my monthly bills at a minimum. I do the same thing for both our car insurance

[The Yen Man]

I paid it the first year as a lump sum, but then decided it was easier just to have them take it out of my bank every month instead. It's all preference. For me, pyschologically, it doesn't seem as bad when it's monthy rather than one large sum every year.

[AMG_G]

I pay yearly too I rather hold onto my money for as long as I can.

[SilverGS]

Originally Posted by AMG_G

I pay yearly too I rather hold onto my money for as long as I can.

It balances out in a way. If you are on TIPP you are prepaying the first part of the year but then paying the remaining after being billed. If you pay once per year you are out more money in June then if you were on TIPP.

[The Yen Man]

Do you really hold onto all of it though? You pay 6 months in advance, but then you also get 6 months of deferred payments. That means you pay half earlier, but you pay half later. In the end, you hold onto the same amount of money for the same amount of time.

[Bill Bumface]

All I know is never move and then forget you didn't sign up for TIPP. That sucks.

[mrkajz44]

I was always under the impression that it was difficult to deal with the issue of selling your house while on TIPP. It's not that the sale is hindered or anything, but the transition of who is paying the TIPP is all messed up and the city often continues to charge you after the place has sold. I have no idea if this is true though; anyone with experience on this?

[Ashartus]

Originally Posted by mrkajz44

I was always under the impression that it was difficult to deal with the issue of selling your house while on TIPP. It's not that the sale is hindered or anything, but the transition of who is paying the TIPP is all messed up and the city often continues to charge you after the place has sold. I have no idea if this is true though; anyone with experience on this?

I sold 2 homes where I was paying via TIPP; everything was switched over as part of the transactions. The only minor hitch came because the second sale occurred right in the middle of the year and for the first half of the year the previous owners hadn't been paying enough (since they were paying based on the previous years' assessment) - it was all sorted out pretty easily though.

[moncton golden flames]

my mortgage company collects the monthly property tax portion and i send them the annual bill to pay on my behalf. virtually no hassle on my part aside from sending one fax to them.

[Lt.Spears]

Originally Posted by mrkajz44

I was always under the impression that it was difficult to deal with the issue of selling your house while on TIPP. It's not that the sale is hindered or anything, but the transition of who is paying the TIPP is all messed up and the city often continues to charge you after the place has sold. I have no idea if this is true though; anyone with experience on this?

Good Lawyer should be able to make everything right.

[bizaro86]

Originally Posted by fotze

Pretty sure even a crappy lawyer can figure out the TIPP thing.

Yeah, it's just one of the adjustments they make on closing. It's really not a big deal at all. If you'd rather pay by the month, don't not do it because of that.

[Smartcar]

Originally Posted by Icon

I don't mind the one payment. Typical routine... income tax rebate... property tax payment a couple months later. No biggie.

Makes sense, unfortunately I usually have to cough up on April 30

[Deegee]

Originally Posted by moncton golden flames

my mortgage company collects the monthly property tax portion and i send them the annual bill to pay on my behalf. virtually no hassle on my part aside from sending one fax to them.

Most places send a tax roll directly to the lending institution.

EDIT: Some additions.

I'm sure each lender is different, however if they are not collecting enough tax from you then you end up paying interest on a negative tax account balance (like 8% per annum typically) or they collect to much and you earn a whopping 0.05%. I know that CMHC will only insure lenders one year worth of taxes so typically there is a strong push from the lender to collect taxes with the payment when it is a CMHC deal.

[MisterJoji]

Possibly a little off topic, and I don't know if Calgary and Edmonton have the same situation but I always thought it was a foregone conclusion that your property taxes will increase when you develop your basement. We're having ours done now, but my buddy who had his finished a couple months ago, was told by his contractor that Edmonton does not change it's property tax assessment if you have your basement developed. Does this sound accurate to anyone else?