What are my options for paying my property tax?

There are three main options for paying your property taxes in Canada. First, you can pay your taxes as part of your monthly mortgage payment. In this option, the lender pro-rates your total tax bill over the course of a year and collects a portion of it each month with your mortgage payment. When your taxes come due, the lender pays the total tax bill from what it has collected from you for this purpose.

Second, you may pay your taxes once a year via a lump-sum payment. In this case, you will need to make sure you have the amount required to pay your taxes when taxes come due. If you put away a little each month for this purpose, you should have no problem paying your tax bill.

Finally, you can set up a property tax installment plan with your local municipality. Essentially, you agree to pay your taxes in installments over the course of a year via direct debt, cheque or other method.

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