When signing the mortgage package your Ottawa mortgage broker will ask you how you would like to pay your property taxes. Here are three ways you can pay them.
How to pay your property taxes
1) Have your mortgage lender collect the taxes
This is a very popular option and can be a convenient way to have the taxes paid. With one withdrawal from your bank account the lender will take your mortgage payment as well as a portion of the annual property taxes. The payments can align with your mortgage payment preference such as monthly, biweekly, weekly and so on.
You will still receive a tax bill however it should show that the taxes have been paid in full. This will assist in spacing the taxes out over the year and will be one less thing to remember.
2) Set up an automatic payment with the city directly
There is no charge to do this. To set this up, you can contact the city and ask to set up a pre authorized payment or visit them online. The city will take the taxes monthly and will take 1/10th of the annual payment over 10 months, with a standard enrollment. Depending on your enrollment date, this payment amount can change.
3) Pay the bill as it comes
The last of the three ways you can pay your property taxes is to pay the bill as it comes. You can wait for the bill to come in the mail and pay it with your own funds. A bill usually comes twice per year, in January and June, and will be for one half of your annual tax amount.