Calgary Property Taxes
There are certain things that are important to know about the City of Calgary Property Taxes when you buy or sell a home. Most of the things are applicable to many other parts of Alberta. Please watch this video to learn about the TIPP program (Tax Installment Payment Plan), adjustments and the importance of cancelling your TIPP payments when you move. While people have three choices for paying taxes (once a month to the City of Calgary, once a year to the City of Calgary or once a month to their mortgage lender – bank, trust company, co-op, credit union, etc), when it comes to adjusting the taxes, lawyers only have to deal with two of those because while mortgage lenders collect property taxes monthly, they only pay the City once a year on June 30th. This is the date that the City of Calgary property taxes are due if you do not pay monthly. As Calgary property taxes are due in the City of Calgary exactly halfway thorough the year, there is no additional charge for paying monthly (other than a small initial set up fee) compared to paying your property taxers once a year.
If you pay your Calgary property taxes monthly, the City will debit your taxes from your bank account each month. You just have to sign a form and send them a void cheque. If you want to pay once a year, you can do so at City Hall, any bank or online.
Your real estate lawyer will adjust the taxes for you when you buy or sell your home to make sure that you are credited for or only pay exactly what you are supposed to. Remember, that in the standard real estate purchase contract that is used most of the time in Alberta, the taxes are adjusted to the possession date and the seller is responsible for the whole of that day. To set up your taxes in Calgary, dial 311 from any phone in the City of Calgary and the operator will be able to help you out.
In areas outside of Calgary, much of the above applies. The main differences is that you may need to dial a specific number and not 311, taxes may not be due and payable (if you pay once a year) on June 30th and in some areas utilities are also included in the payments of taxes.
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