St. John’s Property Assessment and Property Tax Information

April 6, 2010 · Filed Under First Time Buyers, St. John's Investments, St. John's Real Estate and St. John's Relocation · Comment 

The St. John’s Property assessment is the estimated value of a property (land and building) utilized for municipal taxation purposes.  The “Assessment Act 2006” is the Legislative authority governing assessment and taxation in the City. The assessment value can at times be similar to fair market value, however with the fast changing St. John’s Real Estate market the two values can be greatly different in figures.

From the City of St. John’s website  “the City’s assessments are calculated on the basis of a property’s market value as of a specific point in time, referred to as the “base date”. The presently applicable “base date” on which your assessment is calculated is January 1st, 2008. In other words, the market value of your property on that date is presently utilized to calculate your municipal taxes for 2010.”

To find out the assessment value of a home in St. John’s visit the Property Assessment Search

Annual residential property taxes for St. John’s are calculated at a rate of 10.1 mils, or 1.01 % of a property’s total assessment (for the year 2010).  A property with a total assessed value of $100,000. would be charged an annual property tax of $1010.00, calculated as follows:

Assessed Value of St. John’s Home = $100,000.
Multiplied by the Mil Rate = .0101 (10.1 Mils)
Annual Property Tax for 2010 = $1010.00

Don’t forget to include your water taxes. Water taxes for St. John’s are a flat rate of $520. (multiplied by 2 if you have a 2-apt home)

So a $100,000 property would have a total property tax of $1530 for the year or $127.50 per month.

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Tax Deductible Moving Expenses

March 25, 2010 · Filed Under First Time Buyers and St. John's Relocation · Comment 

There are a number of people who transfer jobs and relocate to and from Newfoundland and never realize  that there are tax benefits involved with moving expenses.

If you are preparing to move, it’s best to be informed, so below I have included a quick summary of tax deductible moving expenses provided from the Canada Revenue Agencies website.

Eligible moving expenses include:

  • transportation and storage costs (such as packing, hauling, in-transit storage, and insurance) for household effects, including items such as boats and trailers; traveling expenses, including vehicle expenses, meals, and accommodation, to move you and members of your household to your new residence
  • costs for up to 15 days for meals and temporary accommodation near either residence for you and the members of your household
  • the cost of canceling a lease for your old residence, except any rental payment for the period during which you occupied the residence.

When your old residence is sold as a result of your move, eligible moving expenses also include:

  • legal or notarial fees for the purchase of the new residence, as well as any taxes paid (other than GST/HST or property taxes) for the transfer or registration of title to the new residence, if you or your spouse or common-law partner sold the old residence
  • the cost of selling your old residence, including advertising, notarial or legal fees, real estate  commission, and mortgage penalty when the mortgage is paid off before maturity.

Moving expenses that you cannot deduct include:

  • expenses for work done to make your home more sale-able
  • any loss from the sale of your home
  • the value of items movers refused to take, such as plants
  • frozen food, ammunition, paint, and cleaning products
  • expenses for job hunting in another city (such as traveling expenses)
  • expenses to clean or repair a rented residence to meet the landlord’s standards;
  • expenses to replace personal-use items such as tool sheds, firewood, drapes, and carpets
  • mail-forwarding costs (such as with Canada Post);
  • costs of transformers or adaptors for household appliances;
  • costs incurred in the sale of your old home if you delayed selling for investment purposes or until the real estate market improved
  • costs for vehicle inspections and/or emissions tests

Be sure to check out Canada Revenues website for updated information, and speak with your accountant.

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Relocating to St. John’s Newfoundland

May 4, 2009 · Filed Under St. John's Real Estate and St. John's Relocation · Comment 

We’ve been receiving a number of emails and phone calls from people looking to relocate to St. John’s recently.  Seems to be a lot of Newfoundlanders looking to make the move back to The Rock and others from across Canada and the United States transferring to St. John’s for work and employment.  A little different for Realtors in St. John’s, as we are normally assisting clients transferring and relocating to Toronto, Ottawa,  Calgary or Fort Mac. It’s great to see the influx of people.

Remember, we are experts in relocation and would love to assist you with your move to St. John’s, Mount Pearl or any of the surrounding areas.  Along with our complete relocation package we offer exceptional personal service to put your mind at ease. We will put you directly in touch with our local real estate market by providing you with new MLS listings emailed daily.

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