Property tax on new Condos

[taal]

Hi all, forgive me if there's another thread regarding this, I tried to search but nothing came up.

How does property tax work on a new condominium development?

For example, I bought resale just after the building closed and people moved in. The condo board is established. When does the city give the first assessment and how does that work, do you simply get a letter in the mail?

In other words, once you move in is there anything you need to do in terms of informing the city?

 

[AKS]

My unit closed for over a year and I called them about it. They said it's in process. I'm still waiting. Maybe it takes 2 years before you get your assessment? You should get your assessment by mail. You don't need to do anything. They'll do it when they get around to it.

 

[W. K. Lis]

See this link for the property tax rates for the city of Toronto.

Use the estimated price of the condo and multiply by 0.8547807%. That will give a rough estimate.

The real property tax amount is based on the assessed price, which can be different. The assessed price could change (usually up) over the years, and will be different from the price should you actually sell or buy it.