Supplementary Taxes

Supplementary Taxes and Buying a Newly Constructed Building

For newly constructed homes or buildings, the property taxes may have not yet been assessed in full even though the homes have been completed. If the building portion has yet to be determined, you will only be paying taxes on the value of the land.

The Municipal Property Assessment Corporation (MPAC) calculates the assessed values for all properties in Ontario. Due to the volume of buildings to be assessed, this may not happen in the current year. Any taxes owing on the building will be retro-active to the date of occupancy. Once this process is completed, the land and building taxes will be combined and levied accordingly.

It is a good idea to find out what the property taxes are in the area by contacting the Town of Newmarket at 905-953-5300 ext. 2140. That way you can budget the right amount of money as soon as you move in!