If you have recently built a new home or made any additions or improvements to your property, remember to make allowance for a Supplementary tax bill in your budget plans.
For the first 12 to 18 months after occupying a newly constructed home, property tax bills may cover the land only, not the building, until MPAC is able to complete an assessment of the home. The land taxes often represent approximately one third of the total tax bill, depending on the type of house. There may be a considerable delay from your occupancy date until you receive a tax bill that includes the house.
Once the property is assessed, the new homeowner will receive a “Property Assessment Notice” from Municipal Property Assessment Corporation (MPAC). A supplementary tax bill will follow from the Municipality with taxes covering the building from the date of occupancy. Residents are strongly encouraged to budget for this billing. If your mortgage payment includes taxes, the supplementary tax bill will be sent to the financial institution dealing with payments. You may want to contact your mortgage company to ensure you are paying enough towards taxes to cover this supplementary bill.
We offer property owners who have bought infill lots to construct a new home in the municipality the option of making pre-authorized payments towards the property prior to MPAC completing an assessment. These payments are credited to the supplementary tax bill following MPAC issuing a “Property Assessment Notice”. In order for us to do this, there has to be a roll number already established to apply the credit. Contact the Finance Department if you are interested.