Statement And Demand For Taxes
9
Property taxes • Municipal Taxes • Education Taxes - General Municipal Tax - Local Government Tax - Provincial Education Taxes - School Division Tax * Provincial Education 1 * Provincial Education 2
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Transcript of Statement And Demand For Taxes
Property taxes
• Municipal Taxes
• Education Taxes
- General Municipal Tax
- Local Government Tax
- Provincial Education Taxes
- School Division Tax
* Provincial Education 1* Provincial Education 2
• General Municipal Tax (GMT)
• Local Improvement Tax (LIT)
Municipal Taxes
General Municipal Tax = Total Portioned Assessment
1000x Municipal Mill Rate
Local Improvement Tax = Frontage Levy x Cost per Foot of Property Frontage
Municipal Taxes = General Municipal Tax + Local Improvement Tax
Andre Herbert owns a home with a total portioned assessment of $48,500. His annual municipal tax rate is 23.435 mills. The frontage of his property is 50 feet. His property taxes include Local Improvement Taxes for both boulevard construction and lane paving. Calculate Andre‛s total annual municipal taxes.
GMT = 1000
x 23.435 = $1,136.60$48,500
General Municipal Tax:
Local Improvement Taxes:- boulevard construction- lane paving
50 x $3.28 = $164.00
50 x $9.74 = $487.00
Total Municipal Taxes: $1,136.60 + $164.00 + $487.00 = $1,787.60
Frontage: 25 ft Frontage: 175 ft
Local Improvement Taxes for concrete street paving.
25 x $17.36 = $434.00 175 x $17.36 = $3,038.00
Education Taxes
• Provincial Education Taxes
• School Division Tax
- set by the Province
- set by the school division in the area
Education Taxes = Total Portioned Assessment1000
x Education Mill Rate
In the previous problem Andre Hebert‛s property had a portioned assessment of $48,500 and total annual municipal taxes of $1787.60. As well as these annual municipal taxes, he must also pay Education taxes. These taxes are levied at a rate of 30.926 mills. Calculate Andre‛s annual total Education tax. Calculate the total of Andre‛s annual Municipal and Education taxes.
Education Tax: $48,500
1000 x 30.926 = $1,499.91
Total Annual Property Tax:
$1,787.60 + $1,499.91 = $3,287.51
50
$25900 $82500 10 45%
Boulevard constr.
Water renewal
320
$3.60$3.59
7.98418.326
$250.00
23.435
Assignment # 4
Page 37Questions 1 - 5
Due Thursday
Please, SHOW YOUR WORK!!!
