Managing Property Tax Payouts in Realti Alberta (AB)

Managing Property Tax Payouts in Realti Alberta (AB)

Alberta Property Taxes are typically due on or around June 30. Please follow the steps below to include the adjustment item in your Realti file, add the property tax payout from trust and generate your payout letter.

Adding the Property Tax Adjustment

  1. On the Details tab under the Financial heading, click Statement of Adjustments.
  2. Click on the + Adjustment button.
  3. Select Property Taxes from the list of Adjustment types.
  4. In the Type of Tax Bill field, enter Final if the current year’s taxes have been assessed, or Previous Year if taxes have not yet been assessed for the current year.
  5. In the Total Taxes $ field, enter the Total Amount. Once you move to the next field, the Per Diem $ will automatically calculate.
  6. In the Seller Paid $ field, enter the amount that has been paid (or will be paid) by the Seller between January 1st and the Closing Date.
  7. The adjustment amount and default wording are automatically populated.

Adding a Property Tax Payout from Trust

  1. On the Details tab under the Financial heading, click Trust Statement.
  2. Click on the List button.
  3. Select Property Tax Owing to Municipality. This automatically populates with the name of the municipality.
  4. Enter the total amount owing in the Paid Amount field.

Generating the Property Tax Payout Letter

  1. Go to Documents and group documents by package.
  2. Using the filter on the right side of the Documents heading, search for on Property Tax Letter - Paying from Trust.
  3. Select Property Tax Letter - Paying from Trust. This generates the payout letter with the municipality’s address.

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