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There are two recognizable factors on which property tax in Canada is based. One is the assessed value of the property, which is evaluated by the local authorities. The other factor is the property tax rate, which is fixed by the municipality or the local authorities handling taxes. The special assessment tax is sometimes mistaken for the property tax in Canada. The two are however different with regard to taxation. Property Tax is determined by the existing value of the property in the market and on the other hand, Special Assessment Tax encompasses the special assessment.
Types of property:
For imposition of Property Tax, three types of property are recognized.
Real property, Realty and real estate are terms, which denote land and its improvements.
Property tax in Canada is different in the different provinces.
Basis of taxation:
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