reactx
Active Member
I'm currently looking into possibly purchasing a condo unit in the new Galleria on the Park development in Toronto. Specifically a 1 Bedroom+ Den starting at around $550,000 or a 2 Bedroom starting at $614,000.
Based on a preliminary info document, they state that property taxes are approximately at 1% which seems quite high. Just putting in some quick math, that sounds like it would mean property taxes at around $5,500-6,140.
I know someone who has a slightly older (15 year) stacked townhouse and they pay around $2,400 annually for property taxes ($400 * 6 payments). And this is valued equal if not even more than the condo described above. My parents' semi-detached house is around $3,500 annually.
Can anyone assist with providing more info on how property taxes are properly defined or if more factors are involved than just the "1 %" figure they roughly stated it as. Thanks!
Based on a preliminary info document, they state that property taxes are approximately at 1% which seems quite high. Just putting in some quick math, that sounds like it would mean property taxes at around $5,500-6,140.
I know someone who has a slightly older (15 year) stacked townhouse and they pay around $2,400 annually for property taxes ($400 * 6 payments). And this is valued equal if not even more than the condo described above. My parents' semi-detached house is around $3,500 annually.
Can anyone assist with providing more info on how property taxes are properly defined or if more factors are involved than just the "1 %" figure they roughly stated it as. Thanks!
