In Ontario, if you don't pay your property taxes, there can be serious consequences. Here are some of the things that could happen:
-
Interest and penalties: If you miss a property tax payment deadline, you may be charged interest and penalties on the unpaid balance. These charges can add up quickly and make it harder to catch up on your payments.
-
Legal action: If you continue to miss property tax payments, the municipality may take legal action against you. This can include placing a lien on your property, which means the municipality has a claim on your property until the taxes are paid.
-
Sale of property: In extreme cases, the municipality may sell your property to recover the unpaid taxes. This is known as a tax sale, and it can happen if you have not paid your property taxes for at least two years.
-
Damage to credit rating: If you have unpaid property taxes, it can damage your credit rating and make it harder for you to obtain credit in the future.
-
Loss of ownership: If your property is sold as a result of unpaid taxes, you will lose ownership of the property.
In summary, it's important to make sure that you pay your property taxes on time in Ontario to avoid serious consequences. If you are having difficulty paying your property taxes, you should contact your municipality to discuss payment options and possible solutions.
Leave A Comment