Have you ever wondered where the money goes every year when you pay your property taxes?
To get a breakdown of exactly where YOUR tax money is going, you can head over to the City of Peterborough website to their property tax calculator, input your address and check it out: https://www.peterborough.ca/Modules/Tax/PropertyTax.aspx
The website will show you the assessed value of your property. This value is usually lower than the actual market value of your property (keep in mind, you want this value to be lower, because then your taxes are lower).
In this example, I am using a recently sold property in the City of Peterborough that sold for the average sale price ($610,000), based on year-to-date sales in the city so far in 2021. The assessed value for this property is $270,000 and the total taxes are $3,910.26 for 2021.
Out of this amount, $413.10 is going towards Education. You can have a look at the breakdown below to see how the remaining municipal tax dollars are distributed (based on this example).
If you have any questions, please reach out any time! 🤓