Post-Closing Property Tax Surprises for Newly Constructed Homes
Purchasers of newly constructed homes are often surprised to receive after closing omitted or supplementary property tax bills. They are issued because between annual assessments of property values, properties continue to change. For example, new homes are constructed, owners renovate, additions are built and the uses of properties change. The change in the current value assessment or classification of properties enables the City to levy additional property taxes. These tax bills often amount to thousands of dollars that the purchaser often did not include in their budget for closing costs...
Read MoreJointly Held Assets: Avoiding Some of the Pitfalls
Two or more people may own assets jointly. This most often means that on the death of one of the joint owners, full title to the asset(s) will immediately transfer to the surviving joint owner(s), known as a right of survivorship. The result is that probate fees, some solicitors’ fees, some creditors, and publicity are avoided. Furthermore, assets held jointly are not generally part of the estate of the deceased joint owner, with some exceptions. It is often assumed that if all of one’s assets are held jointly, one does not need a will. However, there are many reasons for needing...
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Andrea P. Kelly is a legal practitioner and notary public, called to the Ontario Bar in 2001, with practice focus in Estate Planning and Administration, including wills, estates, trusts and powers of attorney. She also practices Real Estate.
Prior to opening her law firm, she worked in various capacities including litigation support lawyer for the Ministry of Attorney General regarding complex commercial litigation, private practice in corporate/commercial law and numerous legal research and writing positions.