Did you know that, as the owner of a newly constructed residence, the full assessment value of your home may not be determined for a full year or more? As a result, there will likely be additional property taxes owing on your property, backdated to the date you took ownership of the home. Failure to make financial plans for this tax bill can be damaging to your credit and your home financing.
For more information, read this letter explaining Essential Property Tax Information for New Home Owners and visit MPAC's website on Newly Built Homes.
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