Property Tax, Do We Have Choice?

A property tax is a tariff on the value of property. The tax is levied by the governing authority of the jurisdiction in which the property is located. It is commonly founded on the concept of market value. It is restricted to annual taxes and excludes one –off taxes ion transfers, on realized capital gains or on annual wealth gains.

The country assessor must determine the fair market value of the property using one or more general accepted appraisal methods, Market approach, Cost Approach or Income approach. For more information please visit https://www.canadiantaxamnesty.ca/

                                                         

After April 30th, property taxes are assumed delinquent and subject to 1% interest per month. If your taxes are still delinquent on June1st, you are subject to 3% penalty. Interest continues to accrue until the taxes are paid in full.

You have the right to redeem your property prior to it being sold at tax auction. You may qualify for a property tax exemption or deferral. Depending on the relief program, a property owner may qualify for a tax rebate, tax credits, freezing of tax assessed property value.

A special assessment tax is sometimes confused with the property tax. These are two distinct forms of taxation one upon fair market value of the property and other relies upon a special enhancement called ‘benefit’ for its jurisdiction.