home tax

what is home tax?

Property Taxes

I have received a home  tax advertisement but they are somewhat familiar with property taxes but they have some questions about how I spend my tax money. The city uses about half of the property taxes to pay for public services such as our police and fire departments. Our library repairs street lamp garden pools and the rest goes to provincial agencies such as the Metro Vancouver Translink BC Assessment Municipal Council in the local district. The Richmond City Council approves the finance authority and the Ministry of Finance to fund schools based on the tax rate and the first annual budget and five-year financial plan, which determines the level of service provided to residents each year. Expenditure has been established and other estimated city revenues will be deducted from this amount until we come to the property tax. How do you calculate our share of property taxes? Property taxes are based on the appraisal value provided by the BC appraisals and the law does not allow the city to collect more taxes than is necessary to balance the budget.

Each year the city real estate staff must recalculate the tax rate for each type of property. We must ensure that we collect only what we need from all property owners. Assuming an inary imaginary city has three properties and all three properties have an equivalent appraisal value of $ 100,000, the total amount of tax required to balance the city’s budget should be $ 900 and the tax rate should be $ 900, and the total of all properties equal to point zero Divided by value. The city has to pay $ 900 to collect the dollars needed to operate, that is, one hundred thousand dollars for each property. Zero three zero or $ 300 each property pays their share of the tax, depending on their appraised value. This seems simple, but what happens if the estimates change? Next year the appraisal appears to have put this house number one at $ 150,000. Two are $ 100,000 and House No. 3 is $ 70,000. The appraised value of the two houses increased by 50 percent. Housing No. 2 remained at the same level and Housing No. 3 was reduced by 30 per cent in this situation. If the total two taxes needed to balance the city’s budget are equal to nine hundred dollars in nine years, seven or six hundred thousand sixty – seven percent, and a new tax rate must be calculated to balance the budget.

The point is that every property that equals zero is worth eight to two dollars, which means that every home in your pipeline can be taxed. Eighty-seven cents for the four hundred and twenty-one and eighty-eight numbers one hundred two hundred and eighty-one and two for the house number twenty-five cents and one hundred and ninety-six dollars for the three hundred and eighty-seven dollars the city still needs for nine years, but one hundred and twenty-one cents per house per year Eighty-eight will be paid. Eighteen dollars for number one and seventy five cents for house number two and one hundred and three hundred for us and thirteen cents for third house in our example increased the average valuation from 6 to 6 percent in the second year.

This is because the change in the appraised value of the two houses in House No. 3 is less than the average with a tax deduction, even if the city does not. Only House No. 1, which increased the appraised value by 50%, had to pay a substantial amount of tax to collect more from the total tax. This is a simplified explanation that may give you an idea of ​​how your taxes are calculated each year, but everyone in your city council works hard to get you the right level of service and your tax department works hard to ensure that your property taxes are built up correctly. . If you do not agree with the appraised value you have until the end of January to verify the appraised value of your property by the BC appraisal each year, you can appeal the appraisal beating the appraisal if you have any questions or concerns. Please contact your BC Valuation Office for clarification.

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