2021 Assessments Time!

[Tik-Tok]

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Was it last year where this thread made me go on a rant about how bad all of you people are at math? Someone save me the hassle and just quote that here.

That's usually the Assessment Notice month, not the Tax Notice month.

[jabjab]

assessment down and i went up 25%! Giving them a call to find out why

[killramos]

More bike lanes

[pheoxs]

How does it work when you buy midway through the year? I took possession in May and should only be responsible for May-Dec taxes yet when I signed up for TIPP the city wants me to pay the full years amount and says 0$ is paid to date. Is this just a administrative error? A friend bought a condo in June and is running into the same issue.

Surely I shouldn't have to overpay the full years worth just for them to balance and credit it next year....?

[jwslam]

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How does it work when you buy midway through the year? I took possession in May and should only be responsible for May-Dec taxes yet when I signed up for TIPP the city wants me to pay the full years amount and says 0$ is paid to date. Is this just a administrative error? A friend bought a condo in June and is running into the same issue.

Surely I shouldn't have to overpay the full years worth just for them to balance and credit it next year....?

If you read the lawyer's paperwork they account for that.
Example if you buy on May 1, and your property taxes are $3650/yr, you get a credit of $1200 for the days the last owner owned the house. You are now on the hook for the full year after receiving this credit.

The last owner was probably Jun30 lump sum which is why it looks like this ($0 paid so far this year).
The math again looks different if the last owner was on TIPP since there would be an existing balance in the property's account.

[pheoxs]

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If you read the lawyer's paperwork they account for that.
Example if you buy on May 1, and your property taxes are $3650/yr, you get a credit of $1200 for the days the last owner owned the house. You are now on the hook for the full year after receiving this credit.

The last owner was probably Jun30 lump sum which is why it looks like this ($0 paid so far this year).
The math again looks different if the last owner was on TIPP since there would be an existing balance in the property's account.

I understand that but how do I account for that? All the TIPP agreement is is agreeing and attaching direct deposit info. If the city withdraws what's on the TIPP they just sent me it's way too much.

Do I just agree any assume the prior owners pay by the end of the month and then the city will readjust the payments?

[jwslam]

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I understand that but how do I account for that? All the TIPP agreement is is agreeing and attaching direct deposit info. If the city withdraws what's on the TIPP they just sent me it's way too much.

Do I just agree any assume the prior owners pay by the end of the month and then the city will readjust the payments?

They are responsible for nothing in 2021 to the city because they do not own the house on Jun 30, 2021. They have already paid you from Jan 1 - Day of possession for their share.

So in above, they gave you $1200 out of $3650 for 2021. You owe the city $3650 regardless if it's lump sum, or divided by 8 for your 8 months.
If it looks like too much, it's because you don't have 12 payments this year. It should fix itself next year when you have 12 payment periods.

[pheoxs]

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They are responsible for nothing in 2021 to the city because they do not own the house on Jun 30, 2021. They have already paid you from Jan 1 - Day of possession for their share.

So in above, they gave you $1200 out of $3650 for 2021. You owe the city $3650 regardless if it's lump sum, or divided by 8 for your 8 months.
If it looks like too much, it's because you don't have 12 payments this year. It should fix itself next year when you have 12 payment periods.

Ohhh, this makes sense now. I remember seeing a line for tax credit when signing the papers with the lawyer. For some reason I'd thought it was some bs government rebate rather than actually the property taxes they owed. That makes way more sense, thanks!

[schurchill39]

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If you read the lawyer's paperwork they account for that.
Example if you buy on May 1, and your property taxes are $3650/yr, you get a credit of $1200 for the days the last owner owned the house. You are now on the hook for the full year after receiving this credit.

The last owner was probably Jun30 lump sum which is why it looks like this ($0 paid so far this year).
The math again looks different if the last owner was on TIPP since there would be an existing balance in the property's account.

I learned something new today.