Buying Your Home - Property Taxes
Where
can I learn more about appealing my property taxes?
Contact your local
tax assessor's office to see what procedures to follow to appeal your property
tax assessment. You may be able to appeal your assessment informally. Mostly
likely, however, you will have to go through a formal tax-appeal processes,
which begin with an appeal filed with the appropriate assessment appeals
board.
How do property taxes work?
Property taxes are what most
homeowners in Canada pay for the privilege of owning a piece of real
estate, on average 1.5 percent of the property's current market value. These
annual local assessments by local authorities help pay for public
services and are calculated using a variety of formulas.
How is a home's
value determined?
You have several ways to determine the value of a home.
An appraisal is a professional estimate of a property's market value, based on
recent sales of comparable properties, location, square footage and construction
quality. This service varies in cost depending on the price of the home. On
average, an appraisal costs about $300 for a $250,000 house. A comparative
market analysis is an informal estimate of market value performed by a real
estate agent based on similar sales and property attributes. Most agents offer
free analyses in the hopes of winning your business. You also can get a
comparable sales report for a fee from private companies that specialize in real
estate data or find comparable sales information available on various real
estate Internet sites.