Taking that first step on the real estate ladder can mean a steep learning curve when it comes to financial terms and how they affect you. One common area of confusion for those entering into the real estate market is the terms real estate and property taxes, which are often used interchangeably. So the real question is, are “real estate taxes” and “property taxes” the same?In Short, Yes.Real estate is a type of property tax.Property tax is an annually billed tax paid on property owned by an individual or an entity. A property tax is one of three taxes that a household pays in Canada: property tax, sales tax and income tax.While a property tax does apply to real estate, it can be applied to items other than real estate depending on your jurisdictions’ laws. These items can include larger possessions such as a car or boat. That said, the most common property tax is that which is paid on real estate, which is why the terms property tax and real estate tax can both be used in reference t…
