Langstaff Gateway Condos. 80% of property tax in Canada comes from real estate tax. Real estate tax is one of the oldest taxes in Canada, which has a history of more than 130 years since the British colonial rule in Canada.Please Visit: Langstaff Gateway Condos to Get Your VVIP Registration Today!
According to the Canadian tax Foundation, more than 80% of all property taxes are real estate tax revenue. Since the 1970s, real estate tax has accounted for between 35% and 40% of local government revenue. In recent years, although the proportion has declined, real estate tax still plays an important role in local revenue.
The tax object of Canadian real estate tax refers to land, above-ground buildings and structures. In some provinces and regions, machinery, equipment and other fixtures attached to houses and land are also included in the object of real estate tax; some provinces also include linear property such as electricity, communications, and oil pipelines. However, government-owned real estate, public hospitals, cemeteries or churches can be implemented in accordance with provincial legislation.
Canada has also established a scientific and effective real estate tax evaluation system, which determines the tax basis through tax assessment, and the computer-aided batch evaluation system also improves the efficiency of tax assessment and reduces the local financial burden. An effective dispute settlement mechanism for real estate tax evaluation has been established, which ensures that the work of Canadian real estate tax assessment is gradually mature, and has become a model for many countries in transition to follow.