Whether you own commercial or residential property in a village, town, or city, you will have to pay property taxes. Municipal governments rely on these taxes to raise income needed for local services. Collected from property owners, these taxes go directly to local governments so they can maintain the health and livability of the area.
These taxes help pay for police, fire fighters, emergency services as well as recreation and community centers, libraries, parks, and services for the disadvantaged. These taxes will differ from province to province, and even between municipalities. While this guide will offer a basic overview of residential taxes, you should contact your regional government for advice specific to your region.
Calculating Property Taxes
In general, property taxes are calculated with a central agency in each state and are based on the property valuations in your municipality.
Each province in US would have an independent assessment board which considers both the market value of a home and its geographic location.
In some cases, these taxes can be prohibitively high, even if you're able to afford the mortgage on your home; and for this reason, you must always include this tax on your yearly budget.
Tax rates would be set on an annual basis and will also vary depending on whether you own residential, commercial, or industrial property.