Home Owners Grant
For a property that you live in as your principle residence you may qualify for the Basic Home Owner Grant of $570. If you are over 65 or have a disability you may also qualify for an additional $275 grant.
However in order to receive the grant and pay the lower tax amount you must submit the application for home owner’s grant and any required supporting documentation by the date noted on your property tax notice. You must do this even if your mortgage lender is submitting taxes on your behalf. Many cities permit you to submit your home owners grant declaration through the city website. Contact your city or read the included information in your property tax notice. Note that the property tax notice is different than your Property Assessment notice which usually arrives in January/February.
If the date you take ownership of your new home is in May or June you should take find out if the current owner has applied for the home owners grant or not. You also should not apply for the home owners grant on your existing property (if you are also selling) until the last moment. You can only receive the benefit of the home owners grant on one property and once applied for this benefit can not be transferred.
Note that in a case where you buy a rental property or the previous owner did not apply for the home owner’s grant for the preceding July 1 tax due date you will be paying a higher tax amount until the first July 1 that you own the property and apply for the grant yourself. Your solicitor can provide you more information on the ins and outs of property taxes at the closing of your purchase. Of course you are welcome to call us and we’ll try to answer your questions you might have.
