POLS 3270 Lecture Notes - European Cooperation In Science And Technology
10 Feb 2014
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Document Summary
Two main sources of revenue: own source. Property taxes: various classes of property. 85% of revenues up from 49% in. Governments (cid:0) other sources: produce sales (e. g. Each tax class has its own tax rate . Old system - residential mill rate = 85% of. Municipal property assessment corporation (mpac: non-profit corporation funded by. Municipalities: determines current value assessment (cva) & tax classes for all property in. Current value assessment: essentially fair market value of. Property: common valuation date (jan 1st) every. Increases: constant monitoring of property, appeal process. Mpac cva and classifications for all. Municipal tax rate x cva = municipal portion of tax. Education tax rate x cva = education portion of tax. Municipal tax = 1. 084561 x ,000 = ,169. 12. Education tax = . 252000 x ,000 = . 00. Range of fairness provisions: protect business and multi-residential. Property owners from being over-taxed: make ontario more competitive. Tax ratio tax rates of various property.
