It's that time again! You will be soon be receiving (if you haven't already) your Property Tax Notice in the mail.
Here are a couple of things to remember:
Claiming Your Home Owner's Grant
If your property is your principle residence, you are responsible for claiming your Home Owners Grant (which is likely $570 - in some cities it's less). There are 2 ways you can claim it:
1. Signing the tax notice and mailing or dropping it off to City Hall.
2. You can also complete it online if your city has an electronic payment capability on their website. If you are doing this online, you will need the folio number and access code which is on your notice. Remember to print off a copy for your records!
Paying Your Property Taxes
There are four ways to do this:
1. Some lenders allow you to pay your property taxes throughout the year with your mortgage payment. If that is the case, the lender will remit the payment directly on your behalf. Be aware your taxes can change from year to year so it's a good idea to call your current lender to ensure you have enough in your account. If you don't have your lender contact number, call your mortgage broker to get it.
2. If your lender doesn't collect your taxes, you can write a post-dated cheque for July 2nd and mail it to the city.
3. You can also make your payment at most chartered banks.
4. A great way to pay your taxes is to use your city's monthly pre-authorized debit program. If you aren't doing that, it's something to consider. Instructions will be on your city's website or attached to your tax notice.