I-Need-To-Know
Active Member
Much appreciated! 
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M1 + M2 + Metropolis + Parkside Condos (Liberty Development) - Real Estate -
- Thread starter jakerjaker
- Start date
MetropolisM3
Active Member
Is the property tax 1% of the purchase price? If you have a $400,000 unit, that means you'll be paying $4000 a year in property tax?
Ouch.
Ouch.
LongTimeListener
Active Member
It is 0.7929218% of the assessed property value (http://www.toronto.ca/taxes), and judging by the letter I got from the assessment people, I'd say the assessed value is far below what Liberty is charging for the remaining units (at last check). Property tax is charged based on the assessed value, not on the purchase price. But head over to that website, purchase price in mind, and try out the calculator. Also remember that if you move in in 2012, you only get taxed for the time you lived there (so take the amount, divide by 365 and multiply by the number of days you live there... I think).
MetropolisM3
Active Member
Interesting, how do they come up with their assessment? Is the value they assess in any way related to the market value of the unit? Is it possible for the value they assess to be lower than the price you purchased your unit for? Based on the price on the remaining few units I'd imagine so, as you've mentioned, but I guess I'll just have to wait until 2012 to find out.
coldstudios
Active Member
Thank you for the info! I've sent all the info to them and hopefully they won't take too long to reimburse us for the amount we paid during occupancy.
I agree with what's written above though - it seems the assessed value is lower than what Liberty assumes and is charging - as the calculations of the property tax handed down by Liberty during occupancy is more... regardless, they should be reimbursing us what we paid through occupancy. I'm sure value around here will go up as the place develops more.
nhincompoop
Active Member
MPAC assesses property values in Ontario: http://www.mpac.ca/pages_english/property_owners/how_mpac_assesses_property.asp
Their assessment is what the city uses to calculate property taxes.
Their assessment is what the city uses to calculate property taxes.
Joe Camel(Toe)
Active Member
Did they confirm receipt?
coldstudios
Active Member
Yes. They said they will send a letter next week outlining the refund/reimbursement - I sign the letter and send it back if all is okay, and they said they send a cheque "right away".
GPalltheway
Active Member
How did they confirm? I faxed in my property tax bill but have not heard anything and that was a few days ago. Did they fax something back or mail something to you?
I-Need-To-Know
Active Member
I just faxed mine in marking URGENT. Save all the transmission logs, in case they said that they didn't get it.
coldstudios
Active Member
By email. When I called Liberty to ask how abouts I was to do this, I was instructed to send everything via email - so I had to scan to PDF my tax bills. This worked out better anyway though as I have their response in writing. If you faxed, try calling them to confirm they received it - they seem to be pretty lax in communicating unless you prod them...
I-Need-To-Know
Active Member
Joe Camel(Toe)
Active Member
Debbie downer is back!
I-Need-To-Know
Active Member
Is this a good thing?
col. forbin
Active Member
only if you like complaints about literally everything, especially things that should just be assumed as "par for the course"
the construction workers are making a messsss, theres dust everywherrrre, the noise from the street is hurting my eeeears.
dude, you moved into a building that was still under construction, what did you expect?
/rhetorical question, you don't need to answer.
the construction workers are making a messsss, theres dust everywherrrre, the noise from the street is hurting my eeeears.
dude, you moved into a building that was still under construction, what did you expect?
/rhetorical question, you don't need to answer.