To fund their services, all municipalities must raise taxes. These services include schools, education, sanitation and hospitals as well as infrastructure like roads. While some municipalities may combine all taxes into one tax assessment, others will levy each tax individually. Below are the most commonly levied taxes. If you want to get more information about property tax then you can pop over the link.
1. Property taxes – An annual tax that is based on your property's assessed value, which should not exceed six months prior to the property taxation year. The property tax is used to fund services like roads, schools, hospitals, and so on. The municipal government provides these services.
You have the right of appeal if you feel that the property tax amount is excessive because the assessment of your property value was too high. In the event of a decline in local property markets, this situation may arise. This situation can be handled by your accountant or real estate professional.
2. Utility taxes – These taxes can be used to pay for certain services like water supply, refuse collection and sewerage. You can also get more information about local taxes from your lawyer, the local municipal hall or the regional assessment authority. Property purchase tax is the primary provincial tax that affects real estate investments. This assessment should be done when you buy a property.