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But so far, it has only stayed at the stage of “only hearing its voice”. For those who have made overseas investments, I believe they are no stranger to property tax.
Take Canada as an example, property tax can be said to be an important source of government revenue. For those who want to invest in Canadian real estate, it is undoubtedly very important to understand the mysteries of the real estate tax. For domestic people, understanding the real estate tax policies of other countries can also be used for reference to the possible implementation of real estate tax in our country in the future.
Canadian governments at all levels provide so many services that they need to be supported by all kinds of income, of which taxation is the most important part. The Canadian Constitution stipulates that the federal government has the right to levy any tax. Provincial governments can only levy direct taxes, resource taxes and certain fees, and the power to levy indirect taxes is greatly limited. Local governments can levy almost no taxes other than real estate, which means that real estate taxes are only related to local governments. Therefore, the calculation of the real estate tax is the local government’s own business, the tax rate is also determined by each local government, and the actual amount of the real estate tax is determined by the municipal government according to the actual expenditure of each year.
At the beginning of each year, the financial department of the local government will make a budget for the fiscal expenditure of the region for the whole year, and then submit the draft budget to the local council for examination and approval to get the exact figure for the next year’s expenditure. Subsequently, the Government will assess the value of all properties in the region, and the sum of the assessed values will become the tax base.
After having the tax base, divide the previously adopted budget by the tax base and get the tax rate of the real estate tax in each region. Of course, the actual tax situation will be more complicated, and some properties that provide public services are not taxed, such as hospitals, churches and educational facilities. In addition, the tax rates are also different for different properties, such as agricultural houses, commercial land, pipelines, forest farms, residential, industrial land and farms.
Then subtract the income other than the real estate tax, and the difference is the total amount of the real estate tax this year. Then calculate the real estate tax rate of the current year according to the proportion of the total taxable amount and the total assessed value of taxable real estate in this area.