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Posted on: 13-10-15 17:23:09
Quote:
Originally posted by RBO
people are saying in Brampton Property tax is way higher than other cities...like Mississauga, Etobicoke, New-market, Vaughan, etc..
Mississauga 2100 - 2400 sqft detached house - property tax is roughly around $4000 - $5000 but the same house in Brampton property tax is around $7500- $8500.
is it true or I am in wrong impressions?
Wrong data though not wrong impression. Amount is not double but it is higher for sure.
For a 3000 Sq ft house in Brampton the property tax is $5200. For 2100 Sqft it should be around 4200-4500 not $7500. It is infact at par with Msauga. But for Etobicoke and Toronto the property taxes are lesser ( almost 25-30%) Though during the closing of house the land transfer and other taxes are so high the closing cost is almost double in Etobicoke / Toronto than Msauga/Brampton. Markham is in the middle. To give example if closing cost at Brampton is 8k, it will be 16k in Etobicoke/ Toronto. IT is One time cost. Almost all houses in Etobicoke / Toronto/Scarborough are atleast 30 years or more old. So there will be regular maintenance requirements in these houses. That increases the home owning cost even if you pay lesser taxes.
Quote:
Originally posted by febpreet
I agree. It's not a bad place as it's normally projected to be. Closer to Toronto Transit, Mississauga, and GO, I don't think it will ever be empty - rent wise.
How much are we talking about for a Bungalow with a finished basement?
Malton may not have new construction so one would be looking at 350-450 K for a 20-30 year old bungalow .... More knowledgeable folks may correct me if needed .
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Fido.
Size of the home is just 1 criteria in the evaluation of property taxes. Property taxes can also vary among different neighborhood/subdivisions within the same city itself.
Taxes in Vaughan are also way higher even for a small semi detached or townhome since MPAC assess your property in Vaughan way higher I don't know why
I feel property prices are artificially inflated to generate partial revenue for meeting cities infrastructure challenges.
Quote:
Originally posted by nari
for meeting cities infrastructure challenges.
Rather, the City staff's high salaries, pensions, and yearly raises that are normally higher than the Private sector.
It is those very generous pensions that is killing. Everyday hundreds retire and a few hundred join - citizens pay for both.
Hiren
Absolutely true, Febpreet i was going to add that you said it for me. I was listening in the news this evening about Auditors report on City of Toronto Employees on short term disability payouts they were saying 1 in 10 of the staff has received some kind of short term disability with full salary payments costing tax payers about 42 Million Dollars this does not include TTC & Toronto Police employees.
No wonder why these cities mismanagers are always under deficit.
Most of these employees have gotten these sarkari jobs from sifarish of their fathers,mothers,sisters uncles ,aunties hockey/golf buddies etc.Hardly few of them have got jobs on their real merit.The deeper you look into it you will find kachara.
Quote:
Originally posted by Fido
Quote:
Originally posted by febpreet
I agree. It's not a bad place as it's normally projected to be. Closer to Toronto Transit, Mississauga, and GO, I don't think it will ever be empty - rent wise.
How much are we talking about for a Bungalow with a finished basement?
Malton may not have new construction so one would be looking at 350-450 K for a 20-30 year old bungalow .... More knowledgeable folks may correct me if needed .
I doubt if any detached bunglow like property is less than 500k in Malton. Same as in Etobicoke. 350-450k was 2 years back.
There are detached backsplit properties available slightly below 500k. These properties earn positive cash flow if there are are 3 apartments in the property.
There is no chance of POSITVE cash if a property does not have 3 kitchens in it.
Some basements of bunglow bulit in 60s were built in such a way that an innovative investor can renovate the basement into 2 liveable apartments. Since location matters for renting , looking for such properties in Etobicoke or Toronto makes sense. Good enough a hint for one who can capitalise. :-)
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