Topic: 'New Constructions'

FRL Speaks: Newly Constructed Homes and Property Taxes

Published on: 2014-08-29 12:26:52 PM New Constructions

When purchasing a newly constructed home it is important to note that property taxes at the time of closing will likely be based on land only. This means, that the builder is currently only paying taxes on vacant land as the City and province have not yet assessed the value of the newly constructed home and therefore have not set the property taxes based on the property assessments. For a purchaser of a newly constructed home this means that you should be setting money aside for your ...