Property Tax: Final received, higher then interim

[NassirNathoo]

Hello,

It is time for taxes in Brampton. I received the notice for the last 3 payments.
What i noticed that the value used for the interim notice was less than what i received as final.
Reading the notice, it says that they use the 2008 Jan 1 value for 2009, 2010, 2011 and 2012.
it seems from the interim value to current final notice value, 5% increased in value.

Do you have similar situation and what did you do with your tax assessment.

Please share your experience.

Thanks
Nassir

 

[terri]

QUOTE (NassirNathoo @ Jun 25 2009, 09:36 PM) Hello,

It is time for taxes in Brampton. I received the notice for the last 3 payments.
What i noticed that the value used for the interim notice was less than what i received as final.
Reading the notice, it says that they use the 2008 Jan 1 value for 2009, 2010, 2011 and 2012.
it seems from the interim value to current final notice value, 5% increased in value.

Do you have similar situation and what did you do with your tax assessment.

Please share your experience.

Thanks
Nassir

Hi Nassir

my property taxes in Toronto go up every single year, the interim tax payments are 50% of the previous years total and then the additional increase for the year is added in the 2nd half of the year.

when I`m estimating expenses during property analysis I always add minimum 10% to the current taxes to allow for increase over a period of a few years.

T.