Whether you have commercial or residential goods in a village, a city or town, you will have to pay land taxes. Municipal governments rely on these taxes to increase the necessary revenues for local services. Collected from the owners, these taxes go directly to local governments in order to maintain the health and privileged health of the region.
These taxes help pay for police, firefighters, emergency services as well as leisure and community centers, libraries, and parks. These taxes will vary from province to the province and even between municipalities. Although this article will provide a basic overview of residential property taxes, you must contact your local government for information specific to your area.
Calculation of land taxes
If you are on the market of a new home, it is essential that you understand the understanding of your land taxes. In some cases, these taxes can be prohibitively high, even if you can afford the mortgage on your home; And for this reason, you should always include this tax in your annual budget. Tax rates tend to be identical within a municipality, but the value of your home will affect your tax rate.
In general, land taxes are calculated by a central agency in each province and are based on the property assessments of your municipality. Each province in Canada would have an independent evaluation commission that considers both the market value of a home and its geographic location.