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PROPERTY TAXES AND YOUR TRANSACTION

In-law Suites: What Are They and What You Need to Know

Property taxes are due in the City of Calgary on June 30th of each year (or if on a weekend, the last business day of the month of June).

There are several ways you can pay your property taxes.

  1. Annually, you submit payment in full for the property taxes on June 30th of each year;
  2. Monthly on the TIPP Program with the City of Calgary – the City of Calgary will advise you of the monthly amount which is deducted from your bank account on the first day of each month; and
  3. Through your mortgage (you will need to arrange for this personally with your mortgage company).

Sales

When selling your property in June please be advised of the following:

  1. NW Calgary Law will advise the City of Calgary of the sale of your property, if you are on the TIPP Plan with the City of Calgary you are responsible for the TIPP payment for the month you are selling the property. Closing June 5 (you must make the June 1 payment).  We will make adjustments to have you reimbursed on the Statement of Adjustments for the time you do not own the property.
  2. If you pay your taxes yearly – we will make the appropriate adjustment on the Statement of Adjustments so that you are only paying for the taxes for the time you have owned the property.
  3. If taxes are paid through your mortgage company – when we receive the payout statement from your mortgage company there will be a credit/debit for the property taxes that you have paid to the closing date for the property taxes.

Purchases

When purchasing a property in June please be advised of the following:

  1. Should you wish to sign up on the TIPP Program (monthly installment Plan) with the City of Calgary, we provide a brochure for your reference purposes; you are responsible for the property taxes from the date you take possession of the property.
  2. Should you wish to pay your taxes yearly, please make sure that taxes are paid in full on June 30th. Any late payment will result in late interest being charged to the account.
  3. We will advise you of how the previous owner paid their taxes and let you know your options on how to proceed.

Please contact us if you have any questions about Property Taxes.