M city condos for sale. How to levy property tax in Canada? According to the Canadian tax Foundation, more than 80% of property tax revenue belongs to real estate tax revenue. Since the 1970s, Canadian property taxes have accounted for between 35% and 40% of local government revenue.Please Visit: M city condos for sale to Get Your VVIP Registration Today!
How much do you know about Canadian property tax?
The tax rate will not be the same every year: Canadian property tax is an important source of government revenue, which is determined by the government’s assessment of property by the coefficient according to the annual budget of the municipal government.
Tax rates vary from city to city: Ontario’s Mississauga has a tax rate of 0.926648% this year, which is higher than Toronto’s property tax rate, but it is also falling this year if you go back to previous years. For example, 0.943698% in 2012 and 0.962611% in 2011.
According to the bill given by the government, it is necessary to pay on time: the property tax will be sent by Installment (installment) every year, usually two bills will be sent in the last and second half of the year, each with three bills, paid on time. The amount of property tax is generally recorded on the housing Listing.
How to levy property tax in Canada.
Second, how to calculate the amount of Canadian property tax?
1. House value x tax rate = Canadian property tax.
According to the above table, we can know the proportion of property tax collected in Toronto this year (2013). The proportion of residential housing tax rate is about 0.746%. If we compare last year’s ratio of 0.7711981%, we will find that it has decreased. People estimate the property tax as long as the value of their own house is multiplied by this tax rate coefficient, they can roughly know how much the property tax they will have to pay this year.
2. How to determine the value of houses and land?
In Ontario, MPAC assesses these values, and MPAC’s full name is Municipal Property Assessment Corporation (Municipal property Evaluation Company). If you think that this organization has overvalued or undervalued your property, you can complain to it, and if their revaluation is not in line with your value, you can also appeal to the court.
3. It is estimated that the Canadian real estate tax rate range from 0.6% to 0.9%.
When many people buy a house, they do not know the exact Canadian property tax rate ratio, which is generally roughly calculated in the range of 0.6% to 0.9%. This ratio is more scientific, because the general property tax ratio in most areas is in the middle. So when you buy a house, you can rely on it to measure whether you can afford this range of property tax. Here is a link to the Toronto property tax “computer”. Enter the value of your property to know how much property tax you have to pay.
4. Is it a good thing that the Canadian property tax rate is low? No, no!
Many people will say, “A lower tax rate is a great thing for homeowners.” This statement is not comprehensive. Judging from the above figures, this year’s tax rate is indeed lower than in previous years, but it is not true to be secretly pleased with the value of this tax rate. The value of your house during the year may be much more than these small percentage differences.
From the real estate market report from the Toronto Real Estate rankings (Toronto Real Estate Board) since January, we can see that this year’s real estate market is not as hot as last year, but the average transaction volume is still up, up 5% in May alone than in previous years. From the general housing market, we can also see some clues. In fact, the property tax is there every year, and the government is the ultimate beneficiary. By virtue of the housing prices, we can increase a lot of revenue every year, so from this point of view, it is the consumers who suffer.
5. Where did all your Canadian property taxes go in the end?
With taxpayers’ money, the government can’t ignore it. a large part of the government’s annual expenditure comes from collecting Canadian property taxes, and they also use the taxes we pay to support the city’s public facilities. According to the 2012 municipal expenditure map, the police, transportation, foreign debt repayment, fire protection system, all spent a large part of the revenue, of course, the system managed by the provincial government also spent a lot of money.
I believe that as long as the Canadian property tax is within a reasonable range, the government can make good use of these funds, and everyone can enjoy the benefits brought by perfect public facilities, the money will not be meaningless.
